The iShares MSCI Brazil Fund has been running higher in recent weeks, and a large trader apparently believes that any downside will be limited in the next seven months.
optionMONSTER systems show that the biggest print in the EWZ came in the September 53.50 puts. A trader sold 17,318 of those contracts for the bid price of $2.55 against previous open interest of only 6 contracts at that strike, so it is obviously a new position.
The put selling is a bet that the EWZ will hold above $53.50 through expiration in mid-September. The trader is also willing to buy shares if they fall below that strike price. (See our Education section)
The EWZ closed yesterday up 0.91 percent to $56.40. The exchange-traded fund has run up from support at $51 and has been testing resistance at $57 for the last month.
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