Last week, we entered a bearish play on the Energy Select Sector ETF (XLE), which bundles all of the S&P 500's energy companies into a single fund. I recommended XLE's $72-strike August puts, which were trading at $1.58 but quickly surged to $1.67 in the brief time between the writing and publication of the newsletter. Those puts continued to rise as XLE and the price of crude fell, hitting $2.10 yesterday, up 25.7% from our entry price and nearly 33% from the $1.58 bid I first reported. ...

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