Jim Strugger's SPDR S&P Oil & Gas ETF Trade

Jim Strugger of MKM Holdings spoke on Bloomberg Markets about a hedging strategy in SPDR S&P Oil & Gas Explore & Prod. (ETF) (NYSE: XOP) ahead of the OPEC meeting.

Strugger advised traders with a long exposure to crude oil stocks or to SPDR S&P Oil & Gas Explore & Prod. (ETF) to buy the December 37 put for $1.07. He also said that traders who want to hedge against a move higher in the energy space after the OPEC meeting, should buy the December 42 call for $0.70.