Todd Gordon's Goldman Sachs Options Trade

On CNBC's "Trading Nation", Todd Gordon spoke about a bearish options trade in Goldman Sachs Group Inc GS. He said the stock has underperformed the S&P 500 and Financial Select Sector SPDR Fund XLF.

He thinks Goldman Sachs could continue to trade lower and retest $230 price level. To make a bearish bet, Gordon wants to buy the December 235/230 put spread for $1.78. The trade breaks even at $233.22 or 1.69 percent below the closing price on Tuesday. It can maximally make a profit of $3.22, if the stock drops to $230 or lower at the December expiration. Gordon wants to place a stop loss at 50 percent of the paid premium.