Bearish activity detected in the SPDR Homebuilders Trust (XHB) after today’s New Home Sales data showed a 33 percent drop to record lows in May. XHB is showing some resilience despite two days of bleak housing numbers (Data Tuesday showed Existing Home Sales falling last month.) Shares are up 3 centrs to $15.26. Options action includes 17.3K puts, or 2X the recent average daily. Players are focused on Sep 15, Aug 15, and Aug 16 put options. Implied volatility is up about 5 percent to 36 (compared to a 52-week high and low of 53.5 and 24.)