Bearish play in oil services ETF
Chris McKhann | firstname.lastname@example.org
A trader purchased blocks of 3,424 and 857 July 53 puts for $0.50 and $0.45 respectively, according to optionMONSTER's Depth Charge tracking system. These are clearly new positions, as previous open interest in the strike was just 17r contracts.
The put buying could be an outright bearish trade or a hedge on a long position in the exchange-traded fund or its component companies. (See our Education section)
The OIH is down 0.53 percent to $54.92 this morning. It has been trending higher from support at $55 at the start of February and hit a record high of $55.22 on Friday.