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If investors learned anything on Thursday it’s that the stock market could make a big move, at the drop of a hat.
Stocks surged higher in the late afternoon, after reports surfaced that central banks were set to act in a coordinated fashion if the outcome of the Greek elections roiled the market. However, the S&P pared gains as the effort was called into question.
“Whether or not the report is true, it shows how quickly the market is currently reacting to every shred of news,” muses Fast Money trader Karen Finerman, president of Metropolitan Capital. “It feels like the market is on a razor’s edge,” adds trader Tim Seymour, founder of EmergingMoney.com. “There’s been plenty of talk about the downside, but Greece could trigger huge upside, too.”Seymour says pros are positioning for both.Trader Jon Najarian confirms Seymour's observation. He's spotted bullish call buying in the options market. "Big investors want to be prepared for a pop. I’m seeing a surge in 129, 130, 133 calls in the SPY,” reveals the co-founder of OptionMonster. “Somebody is looking for follow through.”
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