Financials were on the move yesterday, and the fast money was targeting JPMorgan Chase.
OptionMonster's tracking systems detected heavy volume in the weekly 52.50 calls expiring this Friday, with big trades hitting early for $0.11 to $0.15. An even 16,000 traded in volume far above the strike's previous open interest of 2,685 contracts, indicating that new positions were established.
These calls lock in the price where shares can be purchased in the financial giant, letting investors cheaply position for a rally. These options also control the amount of money that can be lost if the stock falls.