By Chris McKhann, an analyst at OptionMonster.

Just as the Industrial SPDR ( XLI) exchange traded fund hits a new 52-week low today, options traders are already looking for a quick rebound.

After reaching $15.48, the Industrial SPDR is trading only slightly higher at $15.51 and is still down 4.85% on the day. It was above $24 coming into the year and at $36 as recently as September.

Someone is stepping in to make a cheap bet on a sharp rebound with a single trade of 10,000 March 18 calls purchased for $0.05, according to OptionMonster's tracking systems. The trade was made against open interest of 1,743 contracts, indicating it was establishing a new position.

The writer has no holdings in the securities mentioned.