Traders Are Buying The Most Nasdaq Downside Protection Since Lehman

Friday was volumes of Nasdaq ETF put options explode higher as investors rushed to protect their downside as FANG stocks led the tech wreck.

This is the biggest spike in volume since Lehman in September 2008.

Additionally, Bloomberg notes that today is off to a bad start with QQQ put volume outpaced call volume by 3.2 to 1 and was 52% higher than the 20-day average in early trading.