Dan Nathan's PowerShares QQQ Trust, Series 1 (ETF) Trade

Dan Nathan said on

that he is expecting to see some weakness in the market in the first quarter of the year. To make a bearish bet he decided to buy a calendar put spread in

. Specifically, he sold the December quarterly 101 put for $0.25 and bought the February 101 put for $1.70. Nathan paid $1.45 for the spread and he is expecting

to trade above 101 into the year end and to turn lower in February. The break even for this trade is at $99.55 or approximately 5 percent lower.