XOP BEARISH VERTICAL PUT SPREAD FOR 10/23/15 EXPIRATION

This a bearish trade on XOP using a 10/23/15 vertical put spread. Go long the 10/23 $32.50 put and short the 10/23 $29 put, with a limit order at $1.17 per contract. The max gain per contract is $233, and the max loss per contract is $117, for slightly less than a 2:1 risk/reward ratio. Hold until expiration.