Dan Nathan Sees Unusual Options Activity In Exxon Mobil Corporation

, Dan Nathan spoke about unusually high bearish activity in

. He said that put options volume was 10 times higher than the call options volume on a day when the stock fell 2.72 percent. Nathan noticed that a trader bought 70,000 contracts of the April 70/60 put spread for a $1.05. The break even for this trade is at $68.95 or 13 percent lower from Thursday's closing price and the trader can maximally make $8.95, if the stock drops to $60. Total premium paid is $7.35 million and Nathan believes that it could be a protection for a long position in the name.