Traders remain bearish toward emerging markets in a big way.
OptionMonster's scanners detected a large put roll last week in the iShares Emerging Markets Index Fund as a downside position was rolled from June to July. The bears came back right out of the gate yesterday, targeting the September 38 puts for $1.20.
The volume exceeded 56,000 contracts, more than four times the strike's previous open interest, which shows that new positions being established. Later in the morning, traders also snapped up the September 35 puts for $0.56 in huge size.