Zeev's Turnips Patch-No Politics (ZEEV)

[gtober]

Zeev, by my count, the QQQ June Strike $24 puts traded about 100,000 volume today. The QQQ June Strike $26 traded about 140,000 today. I will have to see the open interest tomorrow to be sure of the actual number of new contracts issued.

Looks like one heck of a bearish bet on the QQQ's to me. I'm glad you drew my attention to it tonight. I had seen this volume earlier in the day, but at that point, the $26 only had about 35,000 in volume, while the $24's were already up there.

At this link, the numbers come up a bit different from my quote provider, but the message is still the same. There was some massive volume on these May/June Puts in the QQQ.

http://www.wallstreetcity.com/optioncenter/home.asp

I have made it a regular practice to investigate volume in the QQQ options whenever the P/C gets a little out of whack. Today, earlier in the day I had a reading of about 1.40 as the markets were breaking out. Was a little perplexed until I scrolled far enough down to where the sneaky buggers were buying.

Excellent work Zeev.

GT