Options traders are loading up on Goldman Sachs Group Inc (NYSE:GS) today, following the blue-chip bank's trip to the earnings confessional. Goldman Sachs kicked off a week jam-packed of quarterly reports, reporting first-quarter earnings and revenue that bested analysts' expectations.
At last check, GS is up 4.5% to trade at $406.96, set to snap a three-day skid. The shares are bouncing off their 80-day moving average, and are back within striking distance of their March 28 record high of $419.20.
In just the first hour of trading, 12,000 calls and 6,256 puts have crossed the tape, volume that is five times what is typically seen at this point. Most popular is the April 415 call, followed by the 420 call in the same standard series.
This penchant for bullish bets is nothing new. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), GS' 50-day call/put volume ratio of 2.41 ranks higher than 94% of readings from the past year.
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