How one bull is playing General Motors

optionMONSTER

General Motors is attracting a large bullish trade as the auto maker hits new 52-week highs today.

optionMONSTER's Heat Seeker system shows that a trader sold 9,238 January 30 calls for the bid price of $0.59 against open interest of more than 83,000. At the same time, he or she bought 9,238 March 32 calls for $0.65 against open interest at that strike of just 778, so that is a new position.

This could be a new diagonal spread but, given the trade data and the fact that there are just two weeks left before the January option expiration, it is more likely a roll. That suggests the trader remains bullish and wants to buy more time for the stock to continue climbing. (See our Education section)

GM is up 3.59 percent to $30.17 in midday trading, its highest level since July 2011. Shares were below $19 at the end of July.

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