U.S. stock futures are trading higher again this morning, setting the S&P 500 Index on course for its sixth winning session in a row and record highs. So far, the S&P is up roughly 13% so far this year, but many on Wall Street are wondering just how long this rally can hold, especially with the Federal Reserve now tightening its monetary policy.

That said, stocks are green this morning, with futures on the Dow Jones Industrial Average up 0.15%, S&P 500 futures rising 0.10% and Nasdaq-100 futures adding 0.18%.

In the options pits, volume was below average, as about 14.1  million calls and 12.4 million puts crossed the tape. On the CBOE, the single-session equity put/call volume ratio rose to 0.61, while the 10-day moving average held at 0.64.

Taking a closer look at Monday’s volume, Bank of America Corp (NYSE:BAC) call options rebounded on hopes that President Donald Trump’s tax plan would gain traction. Elsewhere, General Motors Company (NYSE:GM) announced a lineup of 20 all-electric vehicles for the next six years. Finally, Intel Corporation (NASDAQ:INTC) is partnering up with Microsoft Corporation (NASDAQ:MSFT) to provide cloud security via Coco, Microsoft’s Blockchain-as-a-Service offering.

Bank of America Corp (BAC)

Banking stocks rallied sharply after President Trump was elected — partly because of Trump’s anti-regulation stance, but also because the president promised a business-friendly tax plan. Trump is currently stumping for the latter, with the Trump tax plan designed to trim the corporate tax rate to 20% from the current 35%.

While less than Trump promised (a 15% corporate tax rate), it’s still much better than many were expecting. JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon said recently that, “Congress must act with urgency on this framework and move the legislative process forward.”

Hopes for passage of the pro-business tax plan have spilled over into BAC stock and options trading. BAC shares have been on the rise lately, and options traders are chasing the rally. Volume yesterday rose to 238,000 contracts, with calls making up an above average 63% of the day’s take.

Overall sentiment is still lagging, however, as the October put/call open interest ratio currently rests at 0.73 — near the upper range of this reading for BAC for the past month. In short, not everyone is sold on the supposed merits of Trump’s plan.

General Motors Company (GM)

General Motors made a considerable splash in the electric vehicle market yesterday. The U.S. automotive giant announced that it will roll out roughly 20 all-electric vehicles in the next six years, including two new electric vehicles in the next 18 months.

“General Motors believes in an all-electric future,” said Mark Reuss, General Motors executive vice president of product development, purchasing and supply chain.

GM options traders cheered the news, sending more than 161,000 contracts across the tape, more than quadrupling GM’s daily average. Furthermore, calls made up 61% of the day’s take.

Delving a bit deeper, Trade-Alert.com data reveals a rather large pair of contract blocks at the January 2018 $50 put and call strikes. Two blocks totaling 17,500 contracts each, crossed at the Jan 2018 $50 put call strikes — both at the ask price. This trade appears to be an out-of-the-money straddle position, with a skew toward a bullish resolution for GM stock.

Intel Corporation (INTC)

Intel has seen better days, with the likes of Advanced Micro Devices, Inc. (NASDAQ:AMD) eroding market share across the board. But Intel is partnering up with it’s old pal Microsoft in a move that could return the chipmaker to its former glory. Microsoft has selected Intel to provide chips for its Coco Framework, a block-chain-as-a-service security suite for cloud and Internet of Things services.

With the Equifax data breach fresh on everyone’s mind, Intel and Microsoft stand to gain significant ground with this high tech security offering.

INTC options traders were quick to pounce on the news, sending more than 157,000 contracts across the tape — nearly tripling Intel’s daily average. Furthermore, the reaction to the Microsoft deal was extremely bullish, with calls making up a whopping 82% of the day’s take.

And there is still plenty of room left on the bullish bandwagon, as INTC’s October put/call OI ratio currently rests at a near-bearish 0.82. As INTC stock gains ground and more details emerge on the Microsoft Coco Framework, expect this ratio to decline amid rising optimism.

As of this writing, Joseph Hargett did not hold a position in any of the aforementioned securities.