Bank of America (BAC) is flat at $8.96 and a Feb 8 – 10 bullish risk-reversal trades on the bank for 2 pennies, 30000X on CBOE. 35000 traded on the day (another 5K for 2 cents on AMEX) and appears to reflect a bullish short-term view on BAC, which has already rallied 24 percent in the past two months.
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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.