The market for Manulife Financial Corp. stock options was as busy as some traders have ever seen, and while there was no clear position, some detected a bit of optimism that Manulife shares will bounce back.
In general, there was a "play the bounce" trade on in the business that Timber Hill LLC saw, said Steve Sosnick, equity risk manager at the market making firm.
Buyers tended to grab call options and sell puts once the stock settled into the $14-range after plunging at the open.
Story continues below advertisement
"There were all kinds of views expressed, but the options market had a bullish tilt after the stock found its level," Mr. Sosnick said.
There wasn't a lot of activity in so-called straddle positions, which traders use when they believe a stock isn't going anywhere anytime soon.
As of 4 p.m., a call option contract giving the right to buy Manulife at $15 in January was the busiest call option, selling for 98 cents. A put giving the right to sell Manulife at $14 in January was trading at $1.40.
Follow Streetwise on Twitter.