With big banks kicking off the first-quarter 2024 earnings season Friday, Bank Blowout 2024 has been the theme of the week, and we saw another bullish bet on a bank stock on Wednesday…
With the market falling hard on the latest Consumer Price Index inflation data, some dip buyers jumped into the fray and threw about $270K on a ticker seldom seen on the News Flow Scanner, which always gets my attention.
You see, when perusing the daily order flow on the scanner, in addition to massively outsized entries or earnings plays, I’m also looking for tickers you just don’t see all that often if ever.
And today, that stock is Citizens Bank (CFG)…
With shares down 3.8% on the day to around $33.60, a bullish trader stepped in to grab the May monthly expiration, $35 strike calls, investing a heavy sum of premium for a stock we never see on the scanner.
Now, does this mean this is a sure thing?
Hah! There’s no such thing as a sure thing in trading!
But like I said earlier, orders like this always catch my attention. With market makers implying a $3.28 move higher or lower by this contract’s expiration, it’s easily in play.
You also do get more time since it’s the May monthly expiration, so this is an interesting play. Just remember to respect that risk!
I also included this week’s other bank plays, with JPMorgan and Citi both on deck for Friday morning reports!
P.S. 9 Bank Names to Watch Over the Next Week
Bank earnings for the first quarter of 2024 kicks off on April 12…
With notable financial stocks like JPMorgan, Wells Fargo and Citi set to announce before the open Friday, followed by Bank of America and a few others that I’m personally interested in.
As a matter of fact, there are about nine names I’m looking to trade over the next seven to eight days.
While I’d never guarantee a future return, you can tag along and see the stocks I’m interested in.
I share all the details during a special bank earnings preparatory event called “Bank Blowout 2024.”
If you’d like to catch it and see the full list of all nine banking stocks I’m looking to target over the next week…
