Bulls keep their bets with Las Vegas Sands

optionMONSTER

Traders are betting on more upside in casino stock Las Vegas Sands.

optionMONSTER's systems reveal that 60,000 LVS options have traded, compared to a daily average of 19,000 over the last month. The action is largely in a May call spread, where more than 20,000 contracts each trade in the May 52.50s and the May 55s.

The big blocks of the 52.50 calls were sold for $4.25 against open interest of more than 24,000. The 55 calls were purchased for $2.85 in new opening transactions.

Given that the stock is now above both strikes, it looks like the trader is rolling a winning position. They took about $1.40 of money off the table and remain exposed to more upside. (See our Education Section for more on how options can be used to manage positions and limit risk.)

LVS rose 2.5 percent to $55.89 in early afternoon trading, and has touched its highest level since early last May. Shares have been running up from support at $40 last seen in mid-November.

Calls outnumber puts by more than 5 to 1 so far today.

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