Citigroup (NYSE: C) is recently trading at $2.10 in pre-open trading, above its close of $1.95. The WSJ reported the U.S. Government is in talks with C to take a 40% stake. C March 2 straddle closed at $1.50, June 2 straddle is priced at $1.89. C overall option implied volatility of 136 is above its 26-week average of 109, according to Track Data, suggesting large price movement.
Bank of America (NYSE: BAC) is recently trading at $3.95 in pre-open trading, above its close of $3.79. BAC March 4 straddle is priced at $2.25, May 4 straddle is priced at $3.02 according to Track Data, suggesting large price movement.
Financial Select Sector - XLF overall volatility at 89; 26-week average is 63.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
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