Show of support in Northstar Realty

Chris McKhann (

Traders are looking for Northstar Realty Finance to hold current levels through the end of summer.

optionMONSTER systems show that two blocks of 3,500 September 16 puts were sold for $0.10 and $0.95 this morning. This is clearly new positioning, as the volume was well above the strike's previous open interest of 4,112 contracts.

The put selling is a bet that NRF will stay above $16 through expiration in mid-September. The traders also would be on the hook to buy the stock if it falls below that level, so they might be looking to get long on a pullback . (See our Education section)

NRF is up 2.16 percent to $16.11 this morning. The real-estate investment trust has been trading in a relatively tight range for the last month, closing between $15.50 and $16 in that time.

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