Unusual action in Trina Solar (TSL) after an investor apparently opened a bearish risk-reversal Tuesday, only to close it Wednesday. The position was opened Tuesday midday on ISE when shares traded around $22.50. At that time, 7000 Mar 20.5 puts traded at the ask of 55 cents and 7000 Mar 24.5 calls on the bid 35 cents. ISEE data indicate the puts were opening customer buys, but not the calls.

Then, yesterday, similar action surfaced in morning trading and this morning’s open interest data indicate more than 6000 contracts were closed in both the March 20.5 puts and March 24.5 calls. Better than expected earnings from Canadian Solar (CSIQ) sparked a rally in the solar names yesterday and this strategist might have opted to exit most of the trade rather than risk further losses. TSL is up 75 cents to $24.05 as the advance continues today.