Brian Stutland's Financial Select Sector SPDR (ETF) (XLF) Trade

CNBC Options Action's Brian Stutland suggested on the show that investors should consider an options strategy in Financial Select Sector SPDR (ETF) XLF. He explained that XLF's top holding is JPMorgan Chase & Co. JPM, and this company is going to report earnings tomorrow. This event will have a significant impact on XLF, and if you are long this stock, you should buy protection in this name. Specifically, Brian Stutland wants to buy the August 15 put in XLF for $0.40, and he needs this stock to jump above $15.40 for this trade to become profitable. Below $14.60, his long position is protected. Financial Select Sector SPDR (ETF) (XLF) gained 0.07% today, and it closed at $14.99.