On CNBC's Options Action, Dan Nathan spoke about unusually high bearish options activity in SPDR EURO STOXX 50 ETF FEZ.
When the ETF was trading at $34.87, there was a buyer of 13,000 contracts of the May 33 puts for $0.90. The trade breaks even at $32.10 or 8.18 percent lower from the closing price on Monday.
Nathan said the bearish trade is targeting the French election and it could be a protection. Nathan added that the stock is also trading close to its technical resistance.
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