The PowerShares NASDAQ 100 QQQ (QQQQ) September 48 calls are the most actives today, with 130,000 contracts traded in the first 30 minutes Tuesday. The volume includes a block of 50,000 contracts traded offerside for $1.10 at 9:40 Eastern on the CBOE. More than three quarters of today’s action in these calls is trading offerside and comes despite a 25-cent loss in the ETF, which is now trading for $47.35 a share.