UPDATE: $C
C- RETAIN LONG POSITION —- Citigroup options are the most active options today as the stock breaks out to multi-month highs, with call volume of ~545K far outpacing put volume of 82K. The March 4.00 and April 4.00 calls seeing the heaviest single-contract volume, with over 150K contracts trading at each strike. Citi’s stock is seeing significant relative strength as well, gaining +7% vs. a +0.5% gain in the XLF (Financial Sector SPDR). Heavy call volume in an individual stock is generally viewed as having a bullish tone, and today’s situation in Citi options demonstrates a high relative call volume (C options typically trade a total of 300K contracts per day).