Is The Pain For Tech Software Sector Only Just Beginning?

The iShares Expanded Tech-Software Sector ETF IGV declined by almost 3% Wednesday. 

On CNBC's "Options Action," Mike Khouw of Optimize Advisors said there was almost six times the average daily put volume. 

A majority of that was the result of the most active volumes, which were the November 425 puts, Khouw mentioned. Over 5,600 of these were traded at an average price of $2.10 per contract, he added.

A part of the volume comprised of institutional buyers in blocks of 2,500 and 2,000. “Buyers of those puts are obviously betting that the weakness we saw today in IGV could continue through the end of next week,” Khouw said.