Bulls continued their recent stampede into Bank of America on Friday as the stock rose more than 5 percent.
The stock surged to $7.84, its highest price since September, and more than 500,000 calls traded. Those long calls lock in the entry price investors must pay for the stock, so they can double or triple if BAC moves in the right direction. (See our Education section)
The buying started early and remained strong all day. optionMONSTER's systems showed big activity in the February 8 calls, along with the March 8s, the April 9s, and even the January 10s, which expire early next year.
Upside activity in BAC has appeared on our tracking systems on multiple occasions. It started on Jan. 4 , when the April 7 calls were bought for $0.21. Those options are now worth more than $1.10.
Option volume in the name was a massive at 782,997 contracts, almost triple its daily average. Just 265,000 of those were puts, a reflection of the day's bullish sentiment.
Disclosure: I am long BAC.
(A version of this post appeared on InsideOptions Pro yesterday.)
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