The bulls keep running right into tomorrow's expiration.

QQQ Option Chain | PowerShares QQQ Trust, Series 1 Stock - Yahoo Finance

The firm's post-merger future gets cloudy after a wave of defections. Traders decide it's best to buy some protection for their holdings. Market slip gives speculators reason to smile. Even though the major stock indices were avoiding the Valentine's Day red on Monday, options investors had their hearts set on buying puts on the chance of a nasty breakup in the market.

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The heaviest action was in the Nasdaq tracking stock known as the Q QQQ , which saw blocks of 10, put contracts flying out the door. Adding to the action was the announcement this morning that the QQQ would split its shares 2 for 1 on March ILX Investors have been erecting put spreads in the QQQ for the past several trading days, said S.

Cowen options strategist Gary Semeraro. ILX The biggest bet of the day on the Q was what looked liked some spread action ahead of this Friday's expiration. However, the sheer size of the trades was noteworthy and indicated some institutional players getting into the unit trust.

More than 29, contracts moved in the Q's March puts, and 22, contracts moved in its March puts. Also, about 11, contracts moved in its February puts, which expire at the end of this week. Judging by the identical closing times of the trades, it appeared the March moves were related and were likely a debit spread, meaning that the options sold didn't totally offset the premium on the options purchased.

The investor likely bought the puts and sold the puts.

That position would be most profitable if the Q lands somewhere between the two by March expiration. The strategy is to secure appreciation on the put with the higher strike price, while the lower one expires worthless. This would correspond roughly to the same drop in the Nasdaq overall. About half of the recent action in the Q puts is hedging by investors who own Nasdaq stocks, and about half is pure speculation on a Nasdaq fade, he added.

Another index bet showed that mid-cap stocks are coming back in style. The move was pretty bold considering the index was at The index would need to climb about 12 points within the next few days.

Among equity options plays, Advanced Micro Devices AMD was getting some attention from options traders after both Prudential and Goldman Sachs upgraded the semiconductor company this morning.

Active were the February 40 and 45 calls, which expire Friday, and the deep-in-the-money April 25 and April 35 calls. Action Alerts PLUS is a registered trademark of TheStreet, Inc.

Nasdaq Bears Snap Up QQQ Put Options - TheStreet

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