What's behind Exxon Mobil puts
A huge put spread topped yesterday's option activity in Exxon Mobil.
optionMONSTER systems show that 13,000 October 97.50 puts were purchased for $2.47 and, shortly after, 13,000 July 100 puts were sold for $1.61. Volume was above the previous open interest in each strike, so they are clearly new positions.
This diagonal spread is looking for XOM to hold above $100 through expiration in mid-July and potentially fall from there. (See our Education section)
XOM was up 0.45 percent to $100.39 yesterday. The energy giant was below $97.50 in mid-April but hit a 52-week high of $103.45 a month ago.
Total XOM option volume reached 52,000 yesterday, more than quadruple its daily average for the last month.
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