The Energy Select Sector SPDR Fund (NYSE: XLE (NYSE:XLE)) has recently been under pressure due to a decline in oil prices.
On CNBC's "Options Action," Tony Zhang of Options Play said it was a “relatively quiet day on the energy fund,” but the Energy Select Sector SPDR Fund “really stuck out, accounting for nearly 15% of the entire day’s volume.”
Check out other stocks making moves in the premarket.
There were buyers of 7,500 of the November weekly 76-Straddles at an average price of $11.10 per contract, Zhang mentioned. Traders expect the Energy Select Sector SPDR Fund to trade above $87.10 or below $64.90 by November expiration.
XLE Price Action: Energy Select Sector SPDR Fund gained 0.72% to settle at $74.29 on Wednesday.
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