Mike Khouw Is Bearish On US Dollar

CNBC Options Action's Mike Khouw recommended on November 13 a bearish options trade in Invesco DB US Dollar Index Bullish Fund UUP. He now sees more weakness ahead for the U.S. dollar, so he does not want to close his bearish position in the name.

For those who didn't buy puts in UUP back in November, Khouw thinks it is still not too late to make money on the UUP's decline. He believes it will be a good idea to buy the June 2021, $24 strike put for 45 cents. The trade breaks even at $23.55 or around 3.75% below the current price.