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Unusual Bullish Action in Big Bank

Jon Najarian’s proprietary heat seeker has identified unusual and bullish options action in a top bank.

“I’m seeing very strong activity in Bank of America,” he tells us, “at the 9-strike.”

Najarian takes the action to mean that institutional investors think Bank of America “will push through 9 and go higher.”

Wait, there’s more.

The unusual activity is happening in the weekly calls – they expire on Friday.

In other words, institutional investors are betting the gains happen within 5 days. “They’re defining the bet to this week,” Najarian says, “You gotta’ love that about weekly options.”

And the trade may not be limited to BofA.

Najarian also tells us he’s seeing similar action in Citi . “The money flows are not quite as large but (institutional investors) are still making a bet that in the short term that Citi (also) goes higher into the end of the week,” he says.

* You can find our conversation with DocJ about 1:30 into this video clip.







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Trader disclosure: On Apr 9, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Joe Terranova is long VRTS; Joe Terranova is long IBM; Joe Terranova is long MCD; Joe Terranova is long EMC; Joe Terranova is long MSFT; Joe Terranova is long GS; Joe Terranova is long HFC; Joe Terranova is long COG; Joe Terranova is long JOY; Joe Terranova is long OXY; Joe Terranova is long LQD; Stephen Weiss is long QCOM; Stephen Weiss is long WLP; Stephen Weiss is long AIG CALLS; Stephen Weiss is long NAV; Stephen Weiss is long HAIN; Stephen Weiss is long JPM; Stephen Weiss is long BAC; Stephen Weiss is short AAPL PUTS; Stephen Weiss is short X; Stephen Weiss is short JCP; Stephen Weiss is short KSS; Stephen Weiss is short XHB; Stephen Weiss is short FXA; Stephen Weiss is short BTU; Stephen Weiss is short ANR; Stephen Weiss is short MT

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