NEW YORK (TheStreet) -- Bank of America
is attracting big bets from options traders as the stock set a new 52-week low early Tuesday of $6.01 per share even as other stocks posted big gains.
Shares hit a new 52-week low of $6.01 Tuesday.
"There is a lot of buying activity in Bank of America driving option prices higher, whether people are hedging or speculating, whether they're bullish or bearish, they're really really pressing in a very large move in either direction," says Dan Passarelli, founder of Market Taker Mentoring, an options education company.
Passarelli noted an unusually active trade in short dated "out-of-the-money" options, suggesting traders see the potential for a big move in the stock in a short period of time.
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