The Select Sector Consumer Discretionary Fund (XLY) saw six times its normal trading volume on active trading in the August and September 28 put options. The August 28s saw 33,900 contracts, compared to open interest of 37,102. The Septembers saw 24,300 contracts traded, compared to open interest of 2,878. The heavy volume is perhaps rolling of a protective position ahead of next week’s expiration. That is, with most of the volume in the August contracts trading bidside and blocks of Septembers trading offerside, an investor might be closing the front month and buying a similar position in the next one. Or, it could possibly be a calendar spread (offsetting the cost of buying Septembers by selling some August premium), where the strategist expects XLY to stay above $78 over the next seven trading sessions and then begin to fall.