Market Overview

Short QQQs ETF Attracts Call Buyers (SQQQ)

Shares of The Proshares Ultrapro Short QQQ ETF (NASDAQ: SQQQ) are lower on the session by 0.83%, currently trading at $27.50. The ETF has been moving largely lower over the past six months as the market has been running higher and higher.

It is currently trading below the 50-day and 200-day moving averages.

Options traders are buying calls on the ETF today, though. A short while ago the January 2011 $28.00 call was purchased 1,600 times, on the offer, on open interest of 1,615 contracts. This appears to be a closing transaction.

The March 2011 $35.00 call also traded 440 times on open interest of 460 contracts.

The Proshares Ultrapro Short QQQ ETF seeks daily investment results before fees and expenses that correspond to three times the inverse (opposite) daily performance of the NASDAQ-100 Index. The fund invests in derivatives that ProShare Advisors believes should have similar daily return characteristics as three timesthe inverse of the daily return of the index It invests typically the rest of assets in money market instruments. The fund is non-diversified.

Posted-In: Long Ideas Short Ideas Technicals Options Trading Ideas

 

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