Software stocks surge 35% from April low as options traders pile into bullish bets
By
Oliver Renick
Warm and crisp on the edges. A bagel with a bit of bite.
Summary
Software stocks have entered a raging bull market, with the IGV ETF up 35% from its April low. Options traders are heavily bullish, with call volumes outpacing puts four-to-one and over 50,000 calls bought in a single session. Major gains in ServiceNow and Workday are driving the rally, and traders expect further upside.
Key quotes
· 3 pulledThe rally in software stocks has gone from recovery to raging bull market, and traders are betting there's more to come.
Options traders are piling into bullish positions on the ETF, where trading is more than 5x the daily average of the past 30 days and call volumes outpace puts four-to-one.
Traders bought more than 50,000 calls on IGV in Friday's session, compared to just under 6,000 puts.
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