Bulls Betting on Health Care
"Fast Money" Contributor
Health care has been a source of strength for the market and continues to perform.
The Health Care SPDR exchange-traded fund has been rising with some healthy option paper and on Friday closed at its highest price since early 2008. Multiple names in the sector have been targeted as well, including Merck and Pfizer, as investors look for more gains in the next few weeks.
Merck drew buyers of May 35 calls for $0.64 and $0.66, plus the July 36s for $0.60, according to OptionMonster's tracking systems.
Pfizer, the giant global biopharmaceutical name with a healthy dividend, saw activity in the May 22 calls for just $0.05 to $0.07 as the bulls played it cheap.
Merck ended the session up 1.92 percent to $34.51, Pfizer rose 0.2 percent to $20.53, and the health care fund gained 0.89 percent to $33.92. Calls dominated the activity in all three names.
Pete Najarian owns PFE.
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