The iShares South Korea Index Fund (EWY) is seeing three times its normal trading volume on active trading in the June 53 put options. Shares are down 16 cents to $56.87 and an order of 5,000 traded for 40 cents a contract. Another 637 traded for 35 cents. These appear to be opening buy orders. Stocks fell across Asia Monday on concerns about the macroeconomy due to the recent rise in oil prices and Friday’s disappointing jobs report in the US. In South Korea, Korea Air lost 4.8 percent after Goldman Sachs cut earnings estimates on the largest airline on worries about higher fuel costs and less travel demand. South Korea’s Kospi 100 Index fell 25.4 points, or 1.5 percent, to 1,703.11.
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Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.