Alon Rosin's QQQ Trade

Speaking on Bloomberg Markets, Alon Rosin of Oppenheimer suggested that investors should consider buying protection in PowerShares QQQ Trust, Series 1 (ETF) QQQ.

He wants to buy the August 138/132 put spread for $1.25. The trade breaks even at $136.75 or 2.84 percent below the current market price. It can maximally make a profit of $4.75.