N.Y. Community Bancorp draws bulls

optionMONSTER

New York Community Bancorp has pulled back this month, and now traders want to get long the Long Island lender.

optionMONSTER's Heat Seeker system detected the purchase of some 2,100 May 13 calls for $0.50. These are new positions, as the strike's open interest was just 70 contracts before the session began.

NYCB rose 0.67 percent yesterday to close at $13.48, sitting just above its 100- and 200-day moving averages. The New York lender is scheduled to release first-quarter results tomorrow before the market opens.

Yesterday's long calls , which lock in the price where traders can buy the stock no matter how far it might climb, will track the share price closely because they are in the money . But the contracts could expire worthless if NYCB falls below the $13 strike price by mid-May. (See our Education section)

About 4,000 NYCB options traded in total yesterday, 8 times its daily average for the last month. Only 234 puts changed hands, a reflection of the session's bullish bias.

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