The financials have seen a significant run this year, the Financial SPDR is up 21% year to date. And if options activity is any indication, the bears are going into hibernation.Options trader Mike Khouw says that for the first time he’s seeing more open interest in XLF calls than puts. “That’s highly unusual in an ETF,” says Khouw. "Most of the people who trade options do so to hedge their broad exposure.”In other words, more institutional investors are betting on upside. “I think a lot of people think the storm clouds have lifted,” he says.
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