Options Traders Bearish on Canadian Natural

OptionMonster co-founder Pete Najarian provides options picks Monday, Wednesday and Friday in TheStreet.com's Deep in the Money Calls newsletter.

David Russell, reporter for OptionMonster.

Options investors are bracing for a pullback in Canadian Natural Resource(CNQ Quote) after the energy company rallied 45% in the last three months.

OptionMonster's monitoring systems detected the purchase of 2,000 September 47 puts for $5.20 and the sale of an equal number of September 38 puts for $1.90. The bearish put spread cost a net $3.30 to implement and offers a profit of about 173% if Canadian Natural Resource falls to $38 by expiration. Volume exceeded open interest in both strikes. ...