By David Russell of OptionMonster NEW YORK -- Exco Resources saw a nice pop on the long side recently, but now traders are looking for a drop. optionMONSTER's tracking programs detected the purchase of more than 4,700 June 5 puts for 20 cents on Friday. The volume surpassed the strike's previous open interest of 4,141 contracts, which indicates that new positions were initiated. These puts lock in the price where shares in the energy company can be sold, letting investors hedge against a selloff or speculate on a decline.