On the day of the FOMC meeting results last week, there was quite a bit of unusual options activity in Financial Select Sectors SPDR Fund (XLF). XLF, the most heavily traded financial sector ETF, traded about 2.5x its normal options volume. 67% of the activity was in calls, which is generally a bullish signal.

The largest trade was an over 45,000 block of calls that expire on July 2nd. The short-term trade could be related to renewed investor interest in banks after comments from the central bank concerning higher rates.