Market News

October 17, 2016  Mon 7:47 AM CT

A trader is extending a bullish position in JP Morgan Chase.

optionMONSTER's market scanner shows that 1,202 October 67.50 calls were sold for $1.24 while 1,202 Weekly 69 calls expiring on Nov. 25 were purchased for $1.41 on Friday. Volume was below open interest in the October contracts, indicating that an upside position was rolled forward by five weeks to a higher strike.

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)

JPM fell 0.32 percent to $67.52 on Friday despite beating quarterly earnings and revenue estimates in the morning. The banking giant is still up 6 percent in the last three months.

Overall option volume in the name was twice its daily average on Friday.

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