Question put options

Looking at QQQQ option chain and Dec 2008 46 put options huge...any explanation? Dec 31 2008 Puts | 265 Days to Expiration Symbol Bid Ask Type Last Change Vol Op Int +UQQXQ 2.77 2.84 S 3.00 0.00 0 6,488 +UQQXR 3.13 3.21 S 3.18 -0.18 490 15,227 +UQQXS 3.53 3.61 S 3.86 0.40 1 6,182 +UQQXT 3.96 4.06 S 4.21 0.23 81,550 72,070 +UQQXU 4.40 4.53 S 4.39 0.00 0 6,020 +UQQXV 4.91 5.04 S 5.97 0.00 0 8,701 Indicates options that are in-the-money S: standard, NS: non-standard

Looking at QQQQ option chain and Dec 2008 46 put options huge...any explanation?

Indicates options that are in-the-money
S: standard, NS: non-standard

QQQQ puts mostly represent the dumb money. They are betting on the market going down. It could also be part of a spread or straddle which may or may not lean ei
ther way. The only option stuff I like is the OEX vs equity ratios. Even that ste
ers me wrong much of the time.

GD

Looking at QQQQ option chain and Dec 2008 46 put options huge...any explanation?

Indicates options that are in-the-money
S: standard, NS: non-standard

QQQQ puts mostly represent the dumb money. They are betting on the market going down. It could also be part of a spread or straddle which may or may not lean ei
ther way. The only option stuff I like is the OEX vs equity ratios. Even that st
e
ers me wrong much of the time.

GD

That volume 81k so far out is what caught my eye. Very high volume in Dec.....that far out.

There are all kinds of complex hedging strategies that people do with distant puts. Unless you know if it's part of a straddle or other strategy, it's not meaningful. There was a big hoo-ha a while back about some big put position -- turned out to be meaningless data.