Large Ratioed Call Spread in Citigroup

Citigroup, Inc. C shares are trading 4% higher Friday morning following todays stronger than expected jobs report. A large 1 by 2 call spread in the September expiry has pushed Citigroup to the top of the most active equity option list during the first hour of trading. The September 31 calls saw 18,750 contracts trade on the bid of $0.23 with the September 35 calls being purchased on the offer of $0.04 37,500 times. Open interest in both strikes is large enough to cover this mornings activity so this could be a closing transaction following this mornings rise in share price.