Posted by: alohamart
In reply to: Zeev Hed who wrote msg# 91781 Date:3/28/2003 1:43:57 PM
Post #of 91873
Actually, it looks like someone had bought 300,000 QQQ April 22 puts on 3/14 and 3/17, at from .15-.30 (which happened to be during the big spike on the naz). Seems they're selling most of those today to avoid losing the complete amount (250,000 so far at .05) and rolling out to May QQQ 22 puts (200,000 so far at .25). The 3/14 and 3/17 trades were mostly at the ask and increased open interest, while the April 22 trades today are at the bid, and wil probably decrease open interest, which was 313,000 coming into today. The May QQQ 22 put trades today were mostly at the ask, and open interest before today was 5138.
The net effect so far today looks like a net decrease of 50,000 QQQ 22 puts, but rolled out to May. Since the total dollar amount of these 450,000 contracts is only about $62,000, I'm not sure these are necessarily big boys. In any case, this counts as volume of 450,000 puts in put/call calculations...
Trades like this really can skew the put/call ratios...
Aloha
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