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May 29, 2013  Wed 9:23 AM CT

EEM: SEE CHART GET CHAIN FIND STRATEGIES
An enormous call sale dominates today's option trading in the iShares Emerging Markets Fund as it falls to last week's lows.

optionMONSTER systems show that a trader sold 30,000 December 46 calls in a single print for the bid price of $0.74. This is a new position, as the volume was higher than the strike's previous open interest.

The options could have been sold naked with an initial bearish bias, or they could have been traded against long shares of the EEM or its underlying stocks. The latter would be bullish up to the strike price, but not beyond. Either scenario sees limited upside in the exchange-traded fund through the rest of the year. (See our Education section)

The EEM is down 0.73 percent this morning to $42.19, below its closing levels from last week. Shares were above $44 at the start of the month but were above $45 only briefly at their 52-week highs at the start of the year. 
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