Large Put Spread Purchased in Fifth Third Bancorp
Fifth Third Bancorp (Nasdaq: FITB) shares are attempting to break out through their short-term resistance level. It looks like one investor is rolling up a defensive put spread.
The January 2013 $12.5-15 spread has traded 10,000 times with the $15 strike purchase being an opening position. This may be a hedge against a long equity position and, with the stock rising as much as 7.4% last week, the investor is looking for greater downside protection after making money in last weeks share price gain.
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