AMEX:EWY ISHARES MSCI SOUTH KOREA CAPPED ETF
The investment seeks to track the investment results of an index composed of South Korean . The chart looks weak and it seems as if it wants to break the to the downside. Today, a trader bought 2500 EWY April 58 Puts for $.85. Puts are bought for 1 of 2 reasons, 1. Speculation to the downside or a 2. Hedge against a long position. With this chart looking so weak, I think the trader thinks there is more potential downside and with the breakeven of this trade at $57.15 a trader thinks that EWY can take out the 52 week lows. I have no position in this right now, but will be looking to get short if I notice more activity.