Energy Select Sector ETF (XLE) lost 22 cents to $53.73 a share after crude oil slipped 65 cents to $77.71 a barrel Friday. One options strategist seems to expect volatility in the fund and bought the August 53 – 55 strangle at $1.69, 10000X on PHLX. Looks like a new position. XLE is one of nine Select Sector Funds. Collectively, the nine funds hold all of the S&P 500 stocks. XLE holds all of the energy-related names. Implied volatility in the fund is now 26, compared to S&P 500 volatility, as measured by VIX, at 24.5.