Calls Rolled in the XLV

The Health Care Select Sector SPDR Fund (NYSE: XLV) is seeing a large call position rolled from March to April this morning. 40,000 of the March $32 calls were sold on the bid for $0.10 and an equal number of April $32 calls were traded for $0.50 a split second afterward.

Open interest on the March strike is over 78,000, whereas open interest on the April strike is only 274, which further supports the thesis that this was a roll. The Health Care Select Sector SPDR Fund has been a relative underperformer and is currently trading under its 52-week high of $33.16. It appears that this trader is betting the ETF can break through that level in April, however.