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Option Traders Make Huge Bullish Bet On Nasdaq Upside

By Craig Jones

Invesco QQQ Trust Series 1 (NASDAQ:QQQ), which tracks the Nasdaq 100, has lost more than 6% since Monday.

On CNBC's "Options Action," Mike Khouw of Optimize Advisors said that amid several bearish bets, there were some significantly bullish ones for the Nasdaq 100 ETF.

Check out tech stocks making big moves in the premarket.

There was a buyer of 8,000 of the September 290/334 call spreads at $18.70 per contract on average, Khouw mentioned. The buyer has paid a $15 million premium to make a bullish bet, he added.

The trader expects QQQ to rise as much as 17% by September expiration, Khouw said.

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Dive Deeper:
Hopes Pinned On Walt Disney, After Netflix Streams Hugely Disappointing Subscriber Numbers
Walt Disney Co’s (NYSE: DIS) earnings call, scheduled for after the closing bell on Wednesday, is in focus.
Why Apple, Tesla Analyst Thinks Mega-Cap Underperforming Nasdaq Is 'Healthy Market Dynamic'
U.S. markets sought direction for most of Thursday before ending on a subdued note. But there could be a silver…
This Is Still The Best Place To Put Your Money Long Term
Investors lost big on growth ETFs this year. But don't assume cheap value and dividend stocks are all you want…
3 BIG Reasons Why Stocks Might Finally Be a Buy
The best time to buy is always when you want to least. I believe you should face the fear and…
One subscription that gives you access to news from hundreds of sites
Here's How Long It Took Nvidia To Reach A $100B Market Cap
NVIDIA Corporation's (NASDAQ: NVDA) name has become synonymous with discrete GPUs and it is the unparalleled leader in the segment.
Markets Pare Intraday Losses, Still Finish Marginally Lower
U.S. indices traded lower Thursday as stocks experienced continued volatility amid concerns over rising interest rates and inflation.
Get all your news in one place