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December 4, 2013  Wed 9:11 AM CT

NDAQ: SEE CHART GET CHAIN FIND STRATEGIES
A bearish three-way spread is targeting Nasdaq OMX today.

optionMONSTER systems show that a trader bought 2,500 March 39 puts for $2.05 while selling the same number of March 35 puts for $0.65 and March 40 calls for $1.55.

The trader takes in a net credit of $0.15, which will be kept as profit if NDAQ remains between $39 and $40 through expiration in mid-March. The maximum gain would come with the stock at or below $35.

This could be an outright bearish play but, given the strikes and the structure, it is more likely a protective collar. (See our Education section)

NDAQ is up 1.77 percent to 39.72 this morning. The exchange operator posted a closing high of $39.61 two weeks ago, but shares were below $36 in mid-November.

Just shy of 9,000 NDAQ options have traded so far, already more than 7 times its full-session average of 1,212 for the last month.
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