There was elevated options activity in the Financial Select Sector SPDR (NYSE: XLF) June put action is picking up as financials sell off and 253,000 puts trade against 81,000 calls in the ETF. Large trades include a 20,000 contract June $11/$10 put spread and a buyer of 20,000 June $14 puts. March $14/$11 ratio put spreads are also active on the day. Near days end 407,000 puts have traded including a 3:35 pm June $14/$10 ratio put spread for 38,500X77,000 contracts looking for volatility to decrease and shares to head lower in the next 8 months. Large components include BAC, JPM, and WFC.
Joe Kunkle, OptionsHawk.com
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