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April 18, 2013  Thu 9:45 AM CT

A large bearish trade tops today's option activity in the Market Vectors Oil Services Fund even as its shares bounce.

optionMONSTER's Depth Charge system shows that a trader bought 2,600 July 38 puts for $1.32 and, at the same time, sold the same number of July 34 puts for $0.43. The volume at each strike was more than double the strike's open interest before the session began, so this is clearly a new position.

This vertical spread cost the trader $0.89, which is its maximum potential loss. The maximum potential gain of $3.11 would be realized if the OIH is below $34 at expiration in mid-July. (See our Education section)

The OIH is up 0.83 percent to $40 even this morning, a day after seeing its lowest close since the last day of 2012. The exchange-traded fund had climbed above $45 in mid-February.
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