One investor looked to the September contract and shed 4, 500 puts at the September 30 strike price for a premium of 55 cents in order to finance the purchase of 4, 500 calls at the higher September 35 strike at a cost of 45 cents per contract.

FORBES: A Cheap Way To Bet On Weakness In Financials

The trader sold 100, 000 puts short at the September 9.0 strike price for a premium of 35 cents apiece in order to finance the purchase of 50, 000 puts at the July 12 strike for 84 cents per contract.

FORBES: A Cheap Way To Bet On Weakness In Financials