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Short-term bulls target Owens-Illinois

Mike Yamamoto (mike.yamamoto@optionmonster.com)

Traders are looking for a pop in shares of Owens-Illinois by the end of next week.

More than 3,500 June 26 calls have traded in a heavy buying pattern today, led by a print of 1,788 that went for $1.30, optionMONSTER's Heat Seeker shows. These are clearly new positions, as the volume was 13 times higher than the strike's open interest of just 268 contracts before the session began.

The bullish calls lock the price where traders can buy shares of the glass-container manufacturer. These contracts, which expire a week from tomorrow, will track the share price closely because they are already in the money . (See our Education section)

OI is up 3.76 percent to $27.60 in afternoon trading. The stock had been drifting lower since spiking to a two-year high of $29.65 on May 22, and it has been trying to hold above its 50-day moving average this week.

More than 5,600 OI options have traded in total, already 12.5 times its full-session average. Calls outnumber puts by 22 to 1, a reflection of the session's bullish sentiment.

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