Despite the giant turn the market has made Friday, there are a lot of names that are moving higher.
The selling is mostly in the mega-cap stocks. Energy and materials are up. Banks are also outperforming the overall market. I would point out that Citigroup (C) is actually up on the day. While I think the selling now is troubling, we could certainly see a move higher in a few of the banks.
I would be a buyer of the C September $50 calls for about $0.80. A price that was more than two dollars in the money last Friday. I think we could get a pop and C could move back above $50 quickly.
Trade: Buy to open C Sept. 16 $50 calls for $0.80.