Paper paid .32 for 7532 NSAM Jun-July 12.5 call spreads
Northstar Asset Management, trading 11.94 with an IV30 of 54.71 (up 9.25 points) with an HV10 of 26.86, saw a large calendar spread trade today.? The stock, with an ADV of 815 and an OI of 49,164, saw a customer sell the Jun 12.5 calls at .32 just over 7500 times and then the customer bough the July 12.5 calls for .64.? Net, the customer paid .32 for the Jun-July 12.5 call spread in one block of 7532.? This one trade accounts for almost 100% of the volume today.
Based on the open interest this appears to be a rolling trade.? The June calls have open interest of over 18,000 contracts the Julys have very little open interest.? This is likely a customer rolling a long call position back in order to maintain the right long exposure to NSAM.
This trade should be considered bullish both vol and the underlying.