Large XLK December 20-23 Put Spread at Resistance, $7.6 Million Net Debit

A large put spread was put on in the tech ETF $XLF. According to CrimsonMind 112,300 December $23 Puts were bought for $0.87 and 112,300 December $20 Puts were sold for $0.19. That's a net long put position worth $7.6 million. XLK is at technical resistance so the puts could be hedging underlying long exposure. Both Chris McKhann at OptionMonster and CrimsonMind thought they were connected with shares. WallStreetPit also had analysis. Read the articles for exact profit/loss figures. If XLK trades down to $20, the spread would make decent money.

XLK SPDRs Select Sector Technology ETF (