Options Trader Targets Capital One

A large trader has stepped in to buy calls in Capital One Financial Wednesday.

About 10,000 upside calls were bought at the April 12.50 strike for $1.35 and $1.40 in a span of about two minutes this morning, according to OptionMonster's tracking systems. That's the opposite direction of the heavy downside activity we saw in COF last month.

COF shares are up 1 percent to $10.15 in afternoon trading, above the 52-week low of $7.80 hit just Monday but more than 84 percent below its intraday high of $63.50 reached Sept. 22.


I own a long call spread in COF.


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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com.