Mike Khouw Sees Unusual Options Activity In ConocoPhillips

On CNBC's "Options Action," Mike Khouw said that ConocoPhillips COP traded 1.8 times its average daily put volume on Monday.

The big trade that caught his eye was the purchase of 1,000 contracts of the June 11, $58.50/$58 put spread for 11 cents. The trade breaks even at $58.39 or 2.37% below the closing price on Monday and it can make a maximal profit of 39 cents. Khouw said this is a bet on a small pullback in ConocoPhillips.