Technology Select Sector Fund (XLK) is off 29 cents to $21.38 on disappointing earnings from tech bellwether Cisco Systems (CSCO). XLK, which holds all of the information technology names from the S&P 500, has now suffered a three-day 4.7 percent slide. One strategist seems to be looking for additional weakness in the weeks ahead, and sold 10,000 Aug 22 puts at 74 cents to buy 15000 Sep 21 puts at 55 cents. The spread looks like a roll out of August and into a greater number of Sep puts at a lower strike.
Category: All ETFs
About the Author (Author Profile)
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.