EFA: A Big Bullish Bet On A H&S Pattern

Somebody placed a big bullish bet today at 06:52am PST buying over 80K of EFA 1 March $63.5 calls. The iShares MSCI EAFE ETF seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada.

This is clearly a new position since the OI is much lower than today’s volume. The total bullish bet is $2m.

Notice a bullish H&S pattern on the chart – once the price clears the neckline, it might go up by at least 10%.

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