TD Ameritrade's Chief Strategist Sees Signifcant Call Buying On Macy's

TD Ameritrade Chief Strategist JJ Kinahan spoke to Benzinga ahead of Macy's, Inc. M Q1 earnings release.

Kinahan noted that March $70 and $65 Calls saw significant buying action on Monday morning with approximately 10 times the normal amount of Call buying.

According to Kinahan, based on implied volatility, the market expected a 4.3 percent move (up or down) following the earnings release.

Heading into its Q1 announcement, Macy's closed Monday at $64.16.

Kevin Riley and Brianna Valleskey contributed to this report.