Wall Street is playing on a strong start to holiday retail on the options markets.

Volatility across all asset classes and industries fell last week, aside from retailers. The cost of options on the SPDR S&P Retail ETF (XRT) - Get Report rose as the fund notched a weekly loss and experienced outflows, according to data from Bloomberg.

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The loss came despite gains from companies including Amazon.com Inc. (AMZN) - Get Report and Macy's Inc. (M) - Get Report on Black Friday. Adobe Analytics found that Black Friday and Thanksgiving Day online sales jumped 17.9% over last year to a record $7.9 billion for 2017. The firm forecasts Cyber Monday, on Nov. 27, could become the largest U.S. online shopping day ever with $6.6 billion in total sales.

Bets being made on retail now could be either big winners or big losers once the chips fall after the holidays. The retail exchange traded fund dipped 0.43% at the market close Friday, down 5.8% since the start of the year.

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