Zeev's Turnips Patch-No Politics (ZEEV)

[The Freep]

Zeev -- on the QQQ puts....

Doesn't the massive number of puts (1,400,000+ from 30-34 alone vs. just over 400,000 calls at the same strikes) strike you as a reason the market won't go down too hard? It's possible a lot of those puts were bought at higher prices, but even so, an October expiry close much below 32 would put a whole bunch o' puts way in the money. The huge position at QQQ 30 seems to me to be worthless here, cuz I don't see any way we drop that far.

In other words... does the presence of the puts influence the turnips?

thanks,

the freep