On CNBC's Options Action, Dan Nathan spoke about bearish options activity in Goldman Sachs Group Inc GS. Total options trading volume was 1.5 times higher than the average daily options volume and the put options volume was two times higher than the average put options volume.
Nathan said that Goldman Sachs is showing poor relative performance to the broad market and to its peers. It is trading 11 percent lower on the year and 22 percent lower from its highs. Nathan added that the stock held $170 on Tuesday, which is an important support because it bounced of this level couple of times in the last year.
Traders are betting that low rates are here to stay and they are exiting long positions, thinks Nathan. He added that Goldman Sachs usually does well in high volatility environment so he is eager to see the impact that August volatility had on the earnings.
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