Put surge sees Oracle reversing course

Oracle is giving up some of last week’s gains, and one trader sees more downside ahead.

ORCL is off 0.42 percent to trade at $29.58 after trading as low as $29.15 earlier today. On Friday the database maker rallied off its 2012 lows, posting its highest close since May 2.

A trader bought 9,000 December 29 puts for $1.63 and sold 9,000 December 23 puts for $0.54, according to optionMONSTER’s Depth Charge system. The open interest at each strike was under 1,500 at the start of the session, so this is a new put vertical spread.

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— Option Monster

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