Coca-Cola Enterprises had call buying earlier in the week, and the bulls came back to today.
optionMONSTER's Heat Seeker monitoring program detected unusual activity in the January 35 calls on Tuesday . It was followed by another volume spike this morning, as another 10,000 contracts traded hands for $0.25 and $0.30.
Almost immediately, CCE started to move. The beverage stock fetched just $30.61 before the calls were purchased but is now up 2.23 percent to $31.13 in afternoon trading.
Long calls lock in the price for buying shares, so they can move much faster than a stock on a percentage basis. Traders often buy calls when they plan to build a position because it allows them to accumulate without the price running away from them. That's why they often predict movements in share prices. (See our Education section)
CCE has been steadily trending higher amid bullish sentiment in large consumer-products companies. It hit an all-time high of $31.80 earlier in September and has appreciated 17 percent in the last three months.
Overall option volume is 8 times greater than average so far in the session, according to the Heat Seeker. Calls outnumber puts by more than 900 to 1.
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