Market News

October 18, 2016  Tue 10:16 AM CT

Traders are making inexpensive bets that Citigroup will spike higher by Thanksgiving.

optionMONSTER's tracking program detected the purchase of about 15,500 November 55 calls mostly for $0.06 today. Volume was more than 7 times the open interest in the strike, indicating that these are new positions.

Long calls lock in the price where investors can buy stock, allowing them to profit from a rally with limited capital at risk. Their cheap cost can also generate significant leverage on a percentage basis if shares move in the right direction. (See our Education section)

C is up 1.07 percent to $49.12 in morning trading and has risen 10 percent in the last three months. The bank beat quarterly estimates on the top and bottom lines last Friday.

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