I try and insulate my P/C analysis from indices and the QQQ is in essence an index as well (strangely, not much option activity, relatively in SPY and DIA). From time to time you'll see a huge positioning (in the 20,000 to 50,000 contracts) of puts on the QQQ and that to me, seems to be hedging of existing portfolio by "real big" money. You don't want to take a contrary opinion to them, usually....
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