Banco Santander (STD) adds 12 cents to $6.06 and has performed well in recent days after Spain’s IBEX rallied 8 percent this week ahead of meetings this weekend related to emergency rescue funds for Spanish banks. STD is on a 15.6 percent 7-day winning run higher after falling to 52-week lows on May 30. Options order flow on the bank today includes 9,115 calls and 1,495 puts. June 6 and July 7 calls are the most actives, as some players might be taking short-term bullish bets on hopes for bullish news over the weekend related to a bailout for Spain. Implied volatility in STD options is up 8 percent to 59.5 today ahead of the events, but 18 percent below the levels seen before the 7-day rally began.
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.