Profit from a short term pull back in the market

Big week with unemployement and CPI data coming out and testimony from the Fed, the market has not fully digested and reflected the risks that are present in the medium term.  The market is lower today and we believe we're heading lower and no where near the bottom for the year.  To help hedge our long positions we are buying the May 2023 QQQ $290 Puts for $8.00, and see this as a low risk trade considering we expect the market to drop further in the near term.

Big picture chart of QQQ:

Here is a chart of the Option that we bought: