The Claymore/MAC Global Solar Energy (TAN) exchange-traded fund (ETF) found itself in the bright glare of the bears yesterday. The ETF found its way onto the International Securities Exchange (ISE) top 25 put/call ratios, thanks to yesterday's activity. TAN saw 1,512 total puts purchased compared to 13 calls; this works out to a put/call ratio of 116.31. This ratio indicates that option players on the ISE are rather bearish about TAN's future. The firm's Schaeffer's put/call open interest ratio (SOIR) checks in at 0.57, but it doesn't have a percentile rank, as the ETF has been in existence less than a year. However, the reading does indicate that calls outnumber puts in the front 3-month option series.

Turning back to the ISE data, this pessimistic activity came in the wake of an announcement that the U.S. Senate approved a $17-billion-plus energy package that could boost the nation's solar industry. In fact, 1 analyst noted that "Christmas came early for the U.S. solar industry." The Senate approved the package late Tuesday, surprising many, as the group had turned the package down several times in the past. As a result of this news, TAN added more than 4% yesterday and is in the midst of a nearly 3% jump today. I find this bearish activity interesting, especially since it could unwind and push TAN higher.