Too Many Options: $HLF, $P, $CLF, $XLP, $C, $EEM, $XLI, $GDX, $GM

Here are some of the notable large options trade that caught our attention today:

1. HLF – traded more than 6x average daily volume. It look like a long holder bought what we call a put spread collar around a long stock position when the stock was 59.85 where they sold 2000 of the Jan 85 calls and bought 2000 of the Jan 62.50/47.50 put spread, paid 3.30 for the package. Investor has stock called away above 81.70 on expiration and the structure is nearly 50 deltas against their stock, so very defensive.

2. P – Very bullish trade in Pandora,trader sold 7500 Sept 29 puts at 2.90 to open and bought 7500 of the Sept 36/46 call spread to open for 3.00, costs .10 for package, trade breaks even at 36.10, can make up to 9.90 btwn 36.10 and 46 on upside and put stock at 29.10

3. CLF – seeing a bearish roll down in July puts, trader sells 15,000 July 20 puts at 3.15 to close and buys 18,000 July 18 puts for 2.07 to open

4. XLP – Bearish roll in XLP puts, trader sells 15,000 March 42 puts at .13 to close, and buys 10k April 43 puts for .84 to open (consumer staples etf)

5. C – Looks like a bullish roll in Citi (C) where a trader sold to close 20,000 April 55 calls at .10, and bought 20,000 May 55 calls for .25 to open

6. EEM – puts, trader sells 30,000 Apr 38 puts at .845 to close and buys 38,0000 May 37 Puts for .905 to open

7. XLI – saw a decent size bearish position put on, a trader bought the June 51/46 put spread, paying 1.02 for 24,000 to open

8. GDX – Huge in the money bullish roll in GDX, a trader sold 24,600 June 16 calls at 10.715 to close and bought 24,700 June 20 calls for 6.86 to open

9. GM – options volumes ran more than 2x average daily volume. The stock has appeared to stabilize at near term support at $35 after yesterday’s 5% drop. Late in the afternoon when the stock was $35.06 a trader rolled a bullish view by selling 10,000 March 37 calls at .08 to close and bought 10,000 April 37 calls .47 to open.