A trader bought the August $80/$77 15,000x put spread for $1.22, or $1,830,000.
The trader is making a large bearish bet, looking for Energy to pullback after a recent up to the $80 level. The spread's risk and profit potential are both limited. This trade was executed a day after 50,000 August $78 puts were traded. The XLE's largest holdings are Exxon and Chevron which both report results this week.
The white line shown in the XLE daily stock chart is the break even price at August expiration. The 52-week range for XLE is a low of $50.33 and a high of $80.97. The XLE seeks to provide investment results that correspond to the price and yield performance of the Energy Select Sector of the S&P 500 Index.
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No position at this time. Position declarations are believed to be accurate at time of writing but may change at any time and without notice.