National City (NCC) is seeing two times its normal trading volume on active call buying. The stock is down 31 cents to $5.04 on conerns about regulatory scrutiny. The Wall Street Journal reported today that the company’s banking unit entered into an agreement with federal regulators, which effectively puts the bank on probation. The terms of the agreement, which was entered into during the past month or so, are not known. Despite the uncertainties and the decline in the share price, sentiment is leaning on the bullish side. A total of 7,773 calls have traded, compared to 1,500 put options. Active buying is being seen in the July and October 6 calls.
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.