Some traders continue to position for lower U.S. Treasury bond prices with options on inverse exchange traded funds, according to the latest flow data.

In Monday’s stock rally, there was “reasonably heavy call volume” in options on ProShares UltraShort Barclays 20+ Year Treasury (NYSEArca: TBT), which has been “a familiar trade in recent weeks as options players continue to speculate about a fall in prices in long term Treasuries (and thus a jump in yields),” said Paul Weisbruch, head of ETF/options sales and trading at Street One Financial.

Fitch on Monday affirmed its triple-A credit rating on the U.S. but cut its outlook to negative from stable.

Recent trading in bond ETF options suggests some investors are positioning to profit if U.S. Treasury yields rise and bond prices decline. [Traders Tap ETFs to Profit from Higher Treasury Yields]

Doug Kass, president of Seabreeze Partners Management, says he’s been buying TBT in anticipation of higher rates.

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