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Traders may be getting cautious on the Semiconductors (NYSEARCA:SMH) after the group hit new highs and Marvell reported a strong quarter.

Earlier today a trader rolled 5,000 December $25 puts up to the $27 strike for a better delta trade in Texas Instruments (NASDAQ:TXN), and now a trader rolled 5,000 December $29 puts up to the $31 strike in Broadcom (NASDAQ:BRCM).

There is also heavy put buying in the RF Micro (NASDAQ:RFMD) January $5 puts.

The reversal today in the Semiconductors (SMH) took place right at the 50% Fibonacci Level, similar to what is occurring in the broader markets. As a group, Semiconductors have some of the highest forward PE's in the market, and the outlook may be a bit too optimistic here.

National Semi (NSM) and Research in Motion (RIMM) still have to report earnings this options expiration, and there is a Barclays Tech Conference next week.

Additionally, Texas Instruments (TXN) has a mid-quarter update December 8th and Broadcom (BRCM) has a December 15th Analyst day.

Disclosure: Disclosure: Own puts on ALTR

Source: Option Traders Cautious on Semiconductors Despite Recent 52-Week High