From the IB Options Desk:

XRT – SPDR Retail ETF – Shares of the retail exchange-traded fund have slipped about 1% lower during today’s trading session to stand at $31.56. The XRT ticker symbol jumped higher on our ‘most active by options volume’ market scanner after investors were seen financing bearish put spreads by shedding call options. Traders purchased 15,000 puts at the December 31 strike price for an average premium of 2.70 apiece spread against the sale of 15,000 puts at the lower December 27 strike for 1.25. The higher December 34 strike appears to have had 15,000 calls sold for an average premium of 1.47 per contract. Investors enacting such a strategy receive a net credit of 2 cents and are positioned to add to their gains if the price of the stock continues to fall by expiration. Maximum potential profits of 4.02 per contract will be realized if the XRT declines 14% from the current price to $27.00 by the third Friday in December. Perhaps these bearish investors are expecting retailers to continue to struggle through the start of the holiday season.