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On CNBC's "Options Action", Dan Nathan recommended a bearish options trade in Financial Select Sector SPDR Fund (NYSE:XLF).
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The stock moved almost 4 percent higher in the last three trading sessions and Nathan thinks it would be a good idea to sell the rally. He added that the Q2 earnings won't be great for the financials and he wants to buy the September 24 put for 75 cents, to make a bearish trade.
The trade breaks even at $23.25 or approximately 4.5 percent below the current stock price. Nathan said the break even is close to $23, which is an important support level. He added that if the stock starts moving lower, he's going to sell the September 21 put and turn the position into a put spread.