The SPDR Financial Fund is pushing back toward last month's highs, and one trader is betting on a floor beneath its shares.
The XLF is up 1.5 percent to $16.07 and on pace for its highest close since Sept. 17, the day after it hit a 52-week high of $16.44. The exchange-traded fund was below $11 a year ago.
A trader sold 20,000 March 12 puts for $0.11 this morning, according to optionMONSTER's systems. The volume was more than triple the open interest in the strike at the start of the session, clearly indicating a new position.
This put selling is a bet that the XLF will hold above $12 in the coming months. It was last below that price on a quick dip in late November. (See our Education section)
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