Bulls think Nike still has room to run


Nike has been on an explosive run, and the bulls apparently believe that it will push a little further in the near term.

optionMONSTER's Heat Seeker monitoring system detected the purchase of some 5,100 May 65 calls, with premiums rising from $0.28 to $0.41. Volume is more than twice previous open interest at the strike, indicating that new positions were opened.

Long calls lock in the price where shares can be bought the maker of athletic clothing and footwear. Their low cost can result in significant leverage, and investors also use them to avoid missing rallies. (See our Education section)

NKE is up 0.72 percent to $64.20 this morning and 24 percent so far this year. The stock is now pausing near a record high, propelled by strong earnings in December and March.

Total option volume is more than twice the daily average so far today, with calls outnumbering puts by 33 to 1.

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