Trying This Again

Thanks for the comments to my last post, everyone. All ZERO of you. Eh, I guess it would help if I actually had regular readers, or interesting posts. Oh well, no hard feelings.

Seriously though, if you are reading this, I do have a much more serious poker question. This hand came up last night as I was playing a 90-player SNG. Here's the scenario.

Table is down to 8 players, about midway through the tournament. Your Hero is in the BB with about 2600, just under the starting stack. Biggest stack at the table is about 6500, sitting in MP. Blinds are at 50\100 so you still have time before you need to get desperate.

You pick up QQ in the big blind. UTG, who is the shortest stack at about 1700, raises it up to 350. Background on UTG player: was shortstacked to about 800 a couple of hands ago, doubled when he open pushed with JJ and got called by AT. Was open pushing nearly every UTG hand when his stack was 800.

Folds to bigstack in MP who repops to 1200. Folds to you in the BB. What do you do?
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Here's the bigger question. Well, first, let me tell you what I did.

I folded.

The question I have is about my reasoning. First, I knew that UTG was going all in, and most likely had some kind of pair. Second, I knew that MP would call both my all in and UTGs all in. Third, I was about 98% sure that MP had AK. His bet sized seemed designed to force out any other callers, so it seemed unlikely he had anything lower than JJ. I put his range on AA-JJ, AK & AQ. Specifically though, what little I had seen from this player, he definitely seemed like the kind you see at these $5 tables; the kind that loves AK. It's the nuts to them.

I folded because, even though I felt I was a clear favorite (albeit a slight one) with a chance to nearly triple up, that I didn't want to risk my tournament life on a coin flip in a multiway pot, and additionally, there was something in my gut that told me I was going to lose. So I folded and waited for a better spot.

Would you do the same? The question isn't about folding QQ preflop to a bet and a raise. My question is more about: are there times when you would fold this hand, even though you're a clear favorite, because you want to wait for a better spot? Obviously, there's times where bubble play may dictate that even folding AA makes sense, but this wasn't anywhere near the bubble. This was fold made almost purely on instinct, and the fact that I didn't want to play this against two all ins. What's funny is that if the UTG hadn't raised, I probably would have pushed when it folded to me. So my opponents actions dictated that I was going to fold the hand, but only to the point that I knew I was getting callers if I pushed. If I could've taken the hand heads up, I would have made a different decision.

Perhaps I'm being too results based here as well, because here's what happened:

Flop: JhTd9d (AK was suited-diamonds)
Turn: Qh
River: 2c

I push that hand and I go home. I didn't expect that AK would have turned the nuts, but I had the feeling that AK was going to improve. In most cases, that's a bad way to play poker. Ideally, you want to get your chips all in with the best hand, but when you just have that feeling that it's not going to work out, how many of you would fold a premium hand like this just based on a gut feeling?

All feedback is welcome and appreciated.