$FCNCA, First Citizens, bought $SIVB and was +53% today.
Yet the options trading around $FCNCA really has bugged me.
While the banking sector tanked, traders opened heavy OTM directional bets with size in coordinated trades.
They turned a few hundred thousand into millions.
$FCNCA gets zero options activity.
Attached is its entire monthly flow.
Yet if you look at the opening alerts on UW, you get the second image, all bullish directional bets made last week while the banking sector tanked every day.
Let's look at some of these opening alerts.
Let's look at two of these trades.
On March 20th, a trader opened a call spread for around 300k.
That user was the entire 300 of volume, made 99% at ask.
This morning, they exited for 2000% gain.
You can see their big volume bars on the 20th + the trade breakdown below.
The flow on $SIVB has been bearish since Feb 15th.
Check opening flow alerts this AM. People smelt blood & pushed SIVB down with 100% ask side bearish alerts.
Someone always knows.
Yet let's look at opening alerts over last ten days. Traders were bearish, with many opening trades (ie: new positions).
IE: $SIVB 210 P 4/21/2023. On Mar 6, traders were opening a new position for $3.67 per contract. That's at $58.30. The trader is out of their position.
This trader made approximately 2000% in three days. They won the lotto.
What of opening alerts from this morning?
Traders were trying to push $SIVB down with 11-18% OTM puts, heavily. Those traders exited their position, and made around 600% from the morning.T