On CNBC's "Options Action", Dan Nathan spoke about unusually high bearish options activity in VanEck Vectors Semiconductor ETF SMH. Put options volume Wednesday was 7 times the average daily put options volume.
When the ETF was trading at $97, Nathan noticed a seller to close of 6,000 contracts of the December 8 expiry, 98.50 puts. The trader also bought to open 7,000 contracts of the December 15 expiry, 96 strike puts for $1.20. The trade breaks even at $94.80 or 2.76 percent below the current stock price.
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