Invesco QQQ Trust (QQQ) is reaping the benefits of risk-on attitude today, no matter how temporary it may end up being. The tech exchange-traded fund (ETF) is up 2.7% to trade at $605.40 at last GLANCE, heading for a sixth-straight win in what would be its longest win streak since late January. The surge could spell trouble for options traders that have grown more bearish lately.
QQQ's 10-day put/call volume ratio of 1.28 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 86% of readings from the past year. The top trade during this timeframe was the 4/2 580-strike put.
QQQ traded as low as $555 on March 30, testing its 320-day moving average. Now, the shares are rallying up toward their year-to-date breakeven level, reclaiming $600 today for the first time in three weeks. However, keep note the double top formed to end 2025 and start the new year.
