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Wal-Mart Bulls Betting on Oil to Light Up Christmas Sales

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As falling gas prices and growing job market afford consumers more spending cash heading into the holidays, investors are positioning for retailers like Wal-Mart Stores Inc. to reap the benefits.

Demand for options that protect against future losses in Wal-Mart shares fell to the lowest level in more than five years relative to bullish ones, data compiled by Bloomberg show. Ownership of put options conveying the right to sell an exchange-traded fund tracking retail stocks has fallen to the lowest since May compared with calls giving the right to buy.