QQQ options skew toward puts, but call traders are targeting short-term gains
Last time we checked in with Invesco QQQ Trust (QQQ), the Nasdaq-100 (NDX) exchange-traded fund (ETF) was breaking out of a slump and testing a key trendline. Amid a historic semiconductor sector run, QQQ is up 1.4% to trade at $692.32 today, earlier hitting a record high of $692.86. Options traders have been along for the ride.
In the last 10 days, 3,568,504 puts have changed hands, outflanking the 2,922,616 calls exchanged during the same timeframe. But digging deeper, the weekly 5/1 675-strike call was the most popular in the last two weeks.
The ETF is one to target for May. Per Schaeffer's Senior Quantitative Analyst Rocky White, QQQ averages a May return of 3.3% in the last decade, with a 70% win rate. Keep an eye on QQQ's 14-Day Relative Strength Index (RSI), deep in "overbought" territory at 79.
The aforementioned 320-day moving average has proven to be quite the springboard. Barring a dramatic two-day pivot, QQQ is poised to nab its sixth-straight weekly win. Thanks to a 20% gain in the second quarter already, the tech ETF is now up 12.6% in 2026.
