Recently, there was a large amount of block trade activity in PowerShares QQQ Trust (QQQ). QQQ is one of the most popular and liquid ETFs in the world which tracks the Nasdaq 100. It has become an extremely important index because it tracks most of the largest stocks in the world.
With fears of the coronavirus spreading in and out of China, the markets saw a big down day with a lot of put action. In QQQ, there were several block trades which involved buying puts, likely as hedges against a further drop in market prices. One very large trade involved closing some February puts and subsequently opening up another block of puts at a higher strike with a March expiration.
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Reuters blares “it’s time to buy”.
Goldman Sachs sees “historic opportunities” popping up with this asset because it’s so cheap right now.
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