Mike Khouw Sees Unusual Options Activity In QQQ

On CNBC's Options Action, Mike Khouw spoke about unusually high options activity in PowerShares QQQ Trust, Series 1 (ETF) QQQ.

He said the options volume was two times higher than the average daily options volume and puts outnumbered calls 3 to 2. One of the big bets that he saw was a purchase of the April 129 puts for $1.10. The trade breaks even at $127.90 or 3.18 percent below the closing price on Wednesday.

Khouw added that it's interesting that the trade is going to expire on April 20, which is before the most big tech companies report earnings.