Buy QQQ by Sep 4, 2026.

One thing that caught my attention going into next week is how much the QQQ skew has changed. A week ago, calls were still trading richer than puts. Even after the rally, people were willing to pay up for more upside exposure and call skew remained intact. That's no longer the case. Right now, downside protection is trading about 6 volatility points richer than comparable calls (based on the 25 delta's on each side for the weekly expiration). In other …