The SPDR Consumer Staples Fund saw downside option activity as it fell again yesterday.
A trader bought 6,300 March 32 puts for the ask price of $0.39, according to optionMONSTER's Depth Chrage tracking system. Open interest was just 245 contracts at the start of the session, so this is a new opening position.
The XLP was down 0.17 percent yesterday to close at $35.14. The exchange-traded fund reached a high of 52-week high of $36.59 a month ago but has been slipping since. Shares had been in a steady uptrend since last November from a 52-week low just above $30.
The put buying could be an outright bearish position, though shares haven't finished below the $32 strike price since mid-December. The options could also be hedging against long shares looking to protect recent gains. (See our Education section)
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XLP
Consumer staples fund faces puts
May 21, 2013
A large July put ratio spread is leading the option activity in the SPDR Consumer Staples Fund as it lags the broader market today.
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