I agree they rolled out their position and doubled up. One huge bet. the open interest is huge, todays down day in the market didn't help him though but the oil wells announced in the GOM have got to give it a positive push at some point, expiration is before earnings and CC so he might have to roll them one more time, will be interesting to watch, it definitely has my attention now.
Someone definitely rolled their weeklies into the monthly options. They sold almost 13,000 weekly $60 calls (which they had bought for .21 - .28) and bought the Apr 62.50s with the proceeds (i saw most of the buying between .35 - .41). So, it is definitely a bullish bet on COP. The trader(s) believe that this stock would be higher than 62.90 as of April expiration. I also thought that there would be a takeover probability based on the amount of calls. 26,000 calls is no joke folks!!
not rolling from weeklies because the open interest and volume is not there, this is just a huge bet on COP and someone evidently thinking of more GOM reports coming, very bullish. This is a million dollar bet that COP will be up more than $2 in 4 weeks. IMPRESSIVE to say the least.