Invesco QQQ Trust Series 1 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.
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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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