Straddle Sold on Citigroup (C)

Shares of Citigroup Inc. C are trading lower on the session by 0.91%, at $4.42. The stock has been running lower over the past three months, but appears to be forming a base around the 200-day moving average. One large trader is betting that shares sit and consolidate here for the next few months by selling the July $4.50 straddle for $0.49. The trade was executed 16,750 times on the bid. While volume was below open interest on the calls and above open interest on the puts, it is highly likely that this was fresh positioning and not any type of roll of collar. Citigroup Inc. is global a diversified financial services holding company. Citigroup businesses provide consumers, corporations, governments and institutions with a range of financial products and services.