I write code to collect and analyze data on trading by politicians. A couple weeks ago I posted about way out-of-the-money $QQQ put contracts bought by a US Senator. Today, another congressman disclosed a Jan. 14th purchase of $PSQ, an ETF that shorts QQQ.
Somewhat of a follow-up: I posted here yesterday about the put contracts, but another congressman just disclosed a bet they made against tech before the recent crash. This time it was a representative buying $PSX, you can find more info here.
Here’s a link to the post from two weeks ago with more details on the options trade. The trade was a purchase of $QQQ puts with a strike price of $285 and an expiry of March 18th. The trade showed up as an outlier in the code I wrote because of just how far out of the money the contracts were.
When I posted about this trade, $QQQ was at around $378. Now it is at around $340, and the put contracts are up over 400%.
Submitted January 28, 2022 at 04:36PM by pdwp90
via reddit https://ift.tt/3rWqXYt