Options Trading News

August 22, 2013  Thu 2:14 AM CT

A trader apparently believes that current levels will hold in the iShares Turkey Fund.

One print of 5,000 September 51 puts was sold for $0.65 in a new position, as there was no open interest in the strike before the trade appeared, according to optionMONSTER systems. The put sale made up almost all the day's volume in the name, which has averages just 7 contracts per session for the last month.

The trade is betting that TUR will hold above $51 in the next month. But the put seller is also risking the possibility of having to buy shares if they are below that level. (See our Education section)

TUR fell 5.46 percent to $52.25 yesterday, a 52-week closing low. The exchange-traded fund was at a high of $77.40 in late May.
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As I stated in last week's article, a break out or a break down needs to have a couple things happen before it is considered a confirmed break out or break down. The only problem is that in today's market where things move much more quicker than they did just a few years ago, two days could wind up being the majority of the expected movement, if not the whole movement.

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