Short-term bearish bet on energy
The biggest option trade of the morning so far is looking for a short-term dip in the SPDR Energy Fund.
optionMONSTER's Depth Charge system detected the purchase of 24,000 Weekly 77.50 puts that expire at the end of this week for $0.10. Open interest in the strike was just 410 contracts before the trade appeared, so it is a new position.
The put buying isn't tied to any trading in the underlying XLE shares, so this looks like an outright bearish play betting that the fund to lose ground over the next couple of days and return to last week's lows. (See our Education section)
The XLE is down 1.26 percent to $79.70 today. The exchange-traded fund was as low as $72.51 last week.
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