Mike Khouw said on CNBC's "Options Action" that more puts than calls were traded in PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ) on Thursday.

Traders bought around 18,000 contracts of the May 26 expiration, 136 strike puts on Thursday and they paid $1.05 them. The trade breaks even at $134.95 or 1.68 percent lower from the current market price.