Express Scripts draws bullish play
A trader is rolling a bullish position higher in Express Scripts.
optionMONSTER systems show that 7,500 January 72.50 calls were sold for the bid price of $5.85 against previous open interest of 10,040. At the same time, 7,500 January 80 calls were bought for $1.15 in volume above open interest of 4,634 contracts, so that is a new position.
The trader closing the lower contracts and rolling the long-call position to a higher strike that is out of the money . He or she is taking some profits off the table while staying positioned to profit from a rally by expiration in mid-January. (See our Education section)
ESRX was up 0.08 percent to $77.90 yesterday. The pharmacy-benefits services company was down at support at $69 a month ago but has been testing upside resistance at $78 for the last week or so.
Yesterday's total option volume in ESRX was more than 6 times its daily average fore the last month. Overall calls outnumbered puts by about 36 to 1.
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