Shares of regional bank SunTrust (STI) have recently broken out to new highs and looks to have some room to run further.
I'm jumping in via October 19 $77.5 calls (the $75's would be fine, too... a $75/$80 spread could help lower cost), as it takes me thru the next earnings report on Oct. 18. That said, I'll likely exit prior to the report to capture the increase in premiums that occurs leading in to an earnings release, as well as protect profits (assuming the trade works out as planned, of course).
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We pulled back to the breakout level and held, so this trade is looking ready to extend upwards to the targets mentioned. Stop loss around $72-73 looks appropriate to me.