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.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.