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On CNBC's "Options Action", Dan Nathan suggested investors should consider a bearish options strategy in Utilities SPDR (NYSE:XLU).
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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For most of the year, the stock was tracking the performance of the S&P 500, but there has been a bit of the divergence over the last couple of months, said Nathan. He believes this trading action doesn't make a lot of sense and he expects to see a pullback in Utilities SPDR.
To make a bearish trade, Nathan wants to buy the March 55/49 put spread for $1. The trade breaks even at $54 or 4.36 percent below the current market price and it can make a maximal profit of $5.