Someone apparently thinks that there's still more upside in
optionMONSTER's Heat Seeker monitoring system detected the purchase
of 4,000 November 3 calls for $0.29 and the sale of 2,000
August 2.50 calls for $0.50. Volume was below open interest
in the 2.50s, indicating that an existing
was rolled from one contract to the other.
The trade is extremely bullish, wagering that the Georgia-based
regional lender will break long-term resistance around $3 and keep
running. He or she poured an additional $16,000 into the name and
now has three more months for it to rally. (See our
SNV fell 0.67 percent to $2.95 yesterday but traded above $3
earlier in the session for the first time in more than three years.
The shares, which trade for less than book value, have climbed 20
percent this year as investors return to small banking stocks.
Total option volume was 18 times greater than average in the
session, according to the Heat Seeker. Calls outnumbered puts by
more than 40 to 1.
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