Edit: Netting out the 112,750 QQQ shorted puts mentioned below in this spread, the equity P/C ratio was a more bearish .73 based on 3:00 Central time #'s vs. the bullish 1.085 ratio obtained without netting it out.
Looks like it was some kind of calendar spread (maybe, if they're aggressive, put on by someone looking for weakness some time this year that will allow a sale of the long puts, followed by strength to make money on the then naked short puts). In any case, they get almost a million dollar credit, upon which they'll likely earn interest. Could be a nice alternative to cash in this market.
This is from a DJ options report at 15:31:
"The ratio of equity puts traded to calls spiked. While this usually indicates mounting investor caution and is considered a bullish signal by contrarians, Monday's heavy put volume was accounted for by an unusually large put trade involving long-term puts on the QQQ, or Nasdaq 100 Tracking Stock, expiring 2005.
Specifically, an institutional investor bought more than 110,000 contracts of the January 45 puts expiring 2005, while selling a roughly similar number of the January 55 puts expiring 2005. It isn't immediately apparent what drove this trade.
The QQQ most recently was ahead 12 cents to $24.56. Its January 45 puts expiring 2005 were at $20.40 as 121,001 contracts traded at the CBOE and the American Stock Exchange. The January 55 puts expiring 2005 were at $30.30 as 112,750 contracts traded at these two exchanges."
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