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• Put buyers bet Qihoo will decline more
• Call sellers see top in Qihoo 360 Tech
• Bulls are looking to ride Qihoo 360 higher

• QIHU 78% Rate It

Qihoo 360 Technology was bullish earlier in the year, but now the sentiment is less positive.

optionMONSTER's tracking systems detected the sale of about 2,400 July 20 calls for $0.73 to $1. Volume was more than triple open interest in the strike. The trades reflect a belief that the Chinese Internet-security stock will remain below $20 through expiration.

QIHU fell 0.63 percent to $17.38 in morning trading and has lost almost half its value since April 20. The company went public at $14.50 a share in late March and quickly skyrocketed to $36. But in the last month, the shares have been falling as investors sell other Chinese Internet names including Baidu and Sina.

The stock was also the target of bullish call buying in mid-April.

Overall option volume in QIHU is 4 times greater than average so far today.

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