Birdinhand
Short

XOP BEARISH VERTICAL PUT SPREAD FOR 10/23/15 EXPIRATION

AMEX:XOP   SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF
This a bearish trade on XOP             using a 10/23/15 vertical put spread. Go long the 10/23 $32.50 put and short the 10/23 $29 put, with a limit order at $1.17 per contract. The max gain per contract is $233, and the max loss per contract is $117, for slightly less than a 2:1 risk/reward ratio. Hold until expiration.
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