BAC: $189K Bearish Bet Into 1 March

A large speculator is betting financials will drop in the second half of February. A new trade was placed on Bank of America on Friday where a trader bought 3640 1 of March puts at $27.5 strike.

This was clearly a new trade since the Volume exceeded Open Interest. The total bet is $189K. The daily chart of BAC shows that the price is currently sitting on a support, however, the trader is betting it won’t hold next week.

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