The author holds a profitable position in SQQQ, anticipating a pullback in QQQ due to its elevated valuation. QQQ is currently trading at a blended P/E ratio of 32.25, which is at the high end of its historical range, with a projected target P/E of 24-25. Data from FAST Graphs suggests that a reversion to this lower P/E range would represent a significant price correction from current levels.