Large Put Spread Purchased in FITB

Fifth Third Bancorp FITB shares are attempting to break out through their short term resistance level (see chart below) and 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 mostly likely is 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 rise in share price.