EEM- Bullish Sentiment Inspires Option Credit Play
iShares MSCI Emerging Markets Index Fund (EEM) (Bull Put Spread)
With the fund having rebounded from about $40.00 per share yesterday, the fund gave of 6.2% of its recovery. This seems to have provoked this investor to seek short-term gains by betting against a further slip in emerging markets.
The investor again focused on the September expiration and with shares trading now at $40.63 used the $38.00 and $33.00 strikes to write a credit spread.
- Instead of buying the higher strike, it appears to have been sold in exchange for puts at the lower $33.00 strike
- The purpose is to bank the net premium of 49 cents per contract from making the play
With the upward momentum we see here, it is not hard to understand why a trade like this would make sense.
The EEM is slowly moving upward in a nice trading pattern. It does look like we have bounced off it’s lower trading range.
We believe it is the bounce off the bottom that has given the confirmation that this trade will do well. If you look, you will notice that the “40″ is also a very good area of support. It was the bounce off that support that has given this trader the confirmation that the stock will continue to move up like it does.
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