Pete Najarian Sees Unusual Activity In Bank Of America And Macy's

This post was originally published on this site

On CNBC’s “Fast Money Halftime Report,” Pete Najarian spoke about unusually high options activity in Bank of America Corp (NYSE: BAC). He owns the stock and because of the options action on Monday, he decided to buy calls as well. He said the $34 strike, $34.50 strike and $35 strike in the December expiration were very active. The most active were the December $34.50 calls as 17,000 contracts were traded in the first half of the session.

See Also: Option Traders Buying JPMorgan Puts Ahead Of November Jobs Report

The Dec. 6, $15.50 strike calls were active in Macy’s Inc (NYSE: M). Around 7,000 calls were bought in the first half for around 30 cents, explained Najarian. He sees this as a trade because he is not a big fan of the company. He thinks a short squeeze could move the stock higher and he decided to buy these calls.

© 2019 Benzinga does not provide investment advice. All rights reserved.