SQQQ up 6% as market glides down

 Ultrapro Short QQQ Proshares (SQQQ) is trading 6% higher at $39.04 today.

On Friday, Traders bought 213,198 call options on ProShares UltraPro Short QQQ (NASDAQ:SQQQ) on Friday, a 51% increase from the average 141,459 call options.

Ultrapro Short QQQ Proshares has been trading between a 52-week high of $67.69 and a 52-week low of $28.15. The stock has a market cap of $5.27 Billion.

As you can imagine, the internet had a few things to say about the price move. Here's a few choice comments from the Reddit Traderverse™:

StonedTurtle420710 - 21 upvotes - source
SQQQ SPXU UVXY 🚀🌌

melvincaneatmyshorts - 8 upvotes - source
Hedging my stupid port with SQQQ shares, OXY calls, and AAPL puts 🫡

No_Indication6895 - 6 upvotes - source
Spy 410p, aapl 160/165p, SQQQ 40c for Friday? What am I missing

WallStreetBoners - 6 upvotes - source
Because vix crashes as fast as it goes up. That’s why calls make no sense at all you’ll almost always lose. Just buy puts on QQQ or buy SQQQ

--LiterallyWho-- - 5 upvotes - source
Only stock on my folio is SQQQ and the rest is puts lmao

Vivid-Leadership-957 - 5 upvotes - source
Ok, futes open red, threats of Jackson hole. I really hate this, but I can already feel it's gonna be a heavy and intense sell off. That gap down last week is only the start. We're going back to the times when good news makes the market bleed. I really hate this but that's the feeling I'm getting. The talking heads couldn't latch onto this any faster, now spreading their doom and gloom. Now the SQQQ bag holders are gonna get their revenge.

a-tard - 5 upvotes - source
At open going Long SQQQ. Friday calls volume was 50% above avg.

TheDudeAbidesFarOut - 5 upvotes - source
#SQQQ

HisWife00000 - 4 upvotes - source
Pretty red out there. SQQQ is the only green on my watchlist. Oh, and GTC, but fck that.

Grundle_Monster - 4 upvotes - source
Why would I sell SQQQ & SPXS? Jk I agree a pullback here seems logical given how overextended things are.