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Huge trade sees Russia ETF holding

The Market Vectors Russia ETF is just off its 52-week lows, but an enormous trade is betting that shares will hold firm.

optionMONSTER systems show that 42,518 Weekly 21.50 puts that expire tomorrow were bought for $0.51 against previous open interest of 43,351. The same number of Weekly 21 puts that expire on Nov. 14 were sold for $0.58 in volume far above that strike's open interest of just 342 contracts, so it is a new position.

The trader is rolling a short-put position forward in time to a lower strike. He or she is left with a trade that will profit if the RSX holds above $21 in coming weeks. (See our Education section)

The RSX is up just $0.19 to $21.11 this morning. Yesterday's close was its second lowest of the year and just above that of March 13. The exchange-traded fund was above $25 six weeks ago.


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