Trade sees limited upside in Oracle
A huge trade is apparently anticipating limited upside potential for Oracle.
A block of 13,660 January 44 calls was sold for the bid price of $0.29 on Friday, according to optionMONSTER's tracking systems. The volume was twice the previous open interest, so this is a new position.
The calls were not tied to any Oracle shares traded in the session, so they could have been sold naked with an initial bearish bias. But they were more like traded against an existing long position in a covered-call strategy , which would be bullish up to the $44 strike price but not above it. (See our Education section)
ORCLE was up 0.1 percent to $41.93 on Friday. The database giant was at six-month highs last week after running up from support at $37 in the last six weeks.
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