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January 30, 2013  Wed 9:59 AM CT

GDX: SEE CHART GET CHAIN FIND STRATEGIES
Topping today's option volume in the Market Vectors Gold Miners Fund is a bullish combination that may be a protective trade.

More than 44,000 GDX options have changed hands, already topping its daily average. Much of that volume is in one combination trade.

optionMONSTER systems show that a trader sold 9,000 June 39 puts for the bid price of $1.17 and, seconds later, bought 9,000 June 43.50 calls for $2.59. The volume at each strike was more than six times higher than the previous open interest, indicating new positions.

The combination is bullish and may just be a trader looking for the GDX to regain levels of just a week ago. But this could also be a collar on a short position, given the recent action in the shares. (See our Education section)

The GDX is up 1.4 percent today to $42.83. The exchange-traded fund was up at $46 last week but has been trending lower from $55 in the last four months.
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