Thoughts on FFR's recent move and potential option plays
Been watching $FFR pretty closely today, especially with that move up to 36.8818. It popped above yesterday's close and saw a high of 37.0399. What's interesting to me is the volume accompanying this push, which seems to suggest some genuine buying interest rather than just a quick short squeeze.
From an options perspective, I'm thinking about strategies that could benefit from continued upward momentum, but with a built-in hedge for a potential retracement. A bull call spread or even a risk-defined vertical could be interesting, perhaps targeting a break past that 37.00 mark decisively. The risk here, of course, is if $FFR fails to hold onto these gains and dips back below, say, 36.50. If it can't sustain above that level, then any bullish thesis would need to be re-evaluated. I'm not making any moves yet, just observing the strength and seeing if it consolidates around these new highs.
I'm with you on the volume, it definitely caught my eye as well. Given that, are you leaning more towards a directional play like buying calls outright, or are you considering a spread to manage risk, perhaps a bull call spread or even a call ratio spread if you think it might consolidate after the initial push?