The SPDR Consumer Staples Fund is just off last week's all-time high, and one large trader apparently thinks that it will hold most of those gains.
The XLP is up fractionally at $34.43 this afternoon after hitting a peak of $34.62 on Thursday. Shares have been trending steadily higher since their 52-week low of $28.07 set in August.
More than 27,000 XLP options have changed hands today, already 3 times its total daily average. Almost all of the volume is in a single print, according to optionMONSTER's systems.
A trader sold 25,000 January 32 puts for the bid price of $0.84. The volume was 5 times the open interest at the strike at the start of the session, so this is new activity.
This put selling is a bet that the XLP will hold up above $32 through the beginning of next year, a level that it tested in late January. The trader is also showing the willingness to buy shares if they fall below that strike price. (See our Education section)
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