SPDR Financials (XLF) trade down 17 cents to $15.02 and put options on the ETF are seeing heaving trading today. 218,000 so far. Typical volume after two hours is 44,000 and 64,000 XLF calls have changed hands. The top trades include a ratio spread, in which the investor bought 31,000 Jan 13 puts at 45 cents and sold 82,000 Jan $11 puts at 18 cents. This might roll a position or, if opening, its a bearish play targeting a move towards $11 through Jan 2012, a decline of 26.8 percent. yikes. Separately, an investor bought 36,000 Aug 14 puts at 11 cents and 25,000 at 10 cents. Meanwhile, 50,000 Sep 16 calls traded at 16 cents on ISE, where data hints at an opening customer sale. Overall, the flow in the financial ETF is bearish today and seems to reflect the increased investor anxiety levels related to the stalemate in Washingon over budget plans heading into the Aug 2 deadline to raise the debt ceiling.