Large Block of Calls Sold on JPMorgan Chase (JPM)
Large Block of Calls Sold on JPMorgan Chase (JPM)
Shares of JPMorgan Chase & Co. (JPM) are trading lower on the session by 0.44%, at $36.97. The stock has been consolidating around the 200-day moving average since the beginning of August, touching a three-month high of $38.66 on Aug 21st.
One options trader believes that JPM will not be rallying to new highs over the next few months and is putting a lot of money where his mouth is. A short while ago, the November $40 call was sold 9,842 times, on the bid, for $0.62. With open interest just 3,344 contracts, it is clear that this is new positioning.
The strike is currently bid $0.58, at $0.59.
Volume on the strike has since risen over 10,300 contracts making it the most heavily traded JPM option today, as well as one of the top ten most active strikes in the market.
Currently overall implied and historical volatility is registering 25% and 18%, respectively. At $0.62, the Nov $40 call was sold at 24% vol.
JPMorgan Chase & Co. is a financial holding company. The company is a global financial services firm and a banking institution in the United States, with global operations.
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