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• Largest option buying in equities so far

• DBC 0% Rate It

One investor sees little upside in energy and commodities, and is selling calls on the PowerShares DB Commodity Index Fund.

Some 5,100 August 25 calls crossed our monitoring systems today, compared with previous open interest of just 6 contracts. Almost all of them traded for the $0.45 bid price, which indicates that they were sold.

The investor is now obligated to sell shares in DBC for $25 if they close above that level on expiration, but including the premium received today their exit price would be $25.45. He or she may be selling the calls against a long position in the exchange-traded fund or could be making an outright speculative bet against commodity prices. (See our Education section)

DBC is down 1.13 percent to $24.40 in midday trading. More than half of its holdings are in oil, with other large positions in grains, copper, sugar, and zinc.

The fund has declined 16 percent in the last three months, weighed down by the European debt crisis and a slowing Chinese economy.

Overall option volume in DBC is 17 times greater than average so far today.

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