In options markets, XHB bearish puts were purchased “in huge size” on Thursday, according to Street One Financial.

“The sector continues to flirt with new highs, really withstanding weakness in other areas of the equity markets this week and on huge volumes in the underlying ETF. It is possible that a long holder of the ETF is simply locking in gains in case of a potential reversal or this could be outright bearish speculation,” said Paul Weisbruch, head of ETF/options sales and trading at Street One.

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