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"Fast Money" Contributor
The XLB materials exchange traded fund has risen 50 percent since its March lows, and options traders are betting that it still has some fuel left in the tank .
More than 71,000 calls changed hands at the June 28 strike yesterday, including a single chunk of 49,900 bought for $0.90, according to OptionMonster's tracking systems. The average daily volume at that strike is just 38 calls, and open interest was 1,072 contracts.
The XLB [XLB
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], known formally as the Materials Select SPDR, closed the session up 0.45 percent to $27. It reached its 52-week low of $17.83 on March 6.
Yesterday's call activity suggests that traders believe that the XLB will climb at least to $28 by the time contracts expire in mid-June. The ETF, which combines agriculture, chemical, and metals names, has ramped higher along with the rise in commodities.
Disclosure:
Najarian owns a call spread in XLB.
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Options Education:
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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com.
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Data is a real-time snapshot *Data is delayed at least 15 minutes