Dan Nathan Sees Unusual Options Activity In SPDR EURO STOXX 50 ETF

On CNBC's Options Action, Dan Nathan spoke about unusually high bearish options activity in SPDR EURO STOXX 50 ETF FEZ.

When the ETF was trading at $34.87, there was a buyer of 13,000 contracts of the May 33 puts for $0.90. The trade breaks even at $32.10 or 8.18 percent lower from the closing price on Monday.

Nathan said the bearish trade is targeting the French election and it could be a protection. Nathan added that the stock is also trading close to its technical resistance.