Call activity is picking up in the Ultra Short QQQQ (QID) exchange-traded fund ahead of earnings from H-P (HPQ), DELL, and Marvell Technology (MRVL), at the close of trading today. QID is designed to move twice the inverse of the Qs (QQQQ) and is up 58 cents to $17.92. QQQQ, in turn, is a fund that holds the top 100 non-financial stocks that trade on the NASDAQ Stock Market. Since it is market-value weighted, large cap technology names dominate the fund. Meanwhile, tech stocks are under pressure along with the broader market on disappointing economic news Thursday (see .VIX color.) Meanwhile, the top trade in the QID is a buyer of 6,500 Sep 19 calls at 73 cents. 10.4K now traded and these call buyers are making bearish market bets, because QID calls will increase in value if QQQQ falls. Aug 17 and 18 calls are seeing interest as well.