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January 22, 2014  Wed 12:20 PM CT

FLT: SEE CHART GET CHAIN FIND STRATEGIES
FleetCor Technologies has retreated following a big rally, and now the bulls are back.

optionMONSTER's Heat Seeker monitoring system detected the purchase of 1,950 February 110 calls, most of which priced for $2.70. Volume was more than 10 times the previous open interest at the strike, indicating that new positions were initiated.

These long calls lock in the price where a stock can be purchased, providing investors with a cheap way to position for gains. The contracts allow traders to leverage a rally with only a fraction of the capital that would be risked by owning shares outright. (See our Education section)

FLT is up 2.71 percent to $107.39 in afternoon trading. The provider of fuel-payment services to transportation companies more than doubled last year and then pulled back to the same $105 area where it consolidated in late August and early September.

Its earnings record has been strong, and today's buyers are apparently looking to get long with the next release coming in early February.

Total option volume is nearly 7 times greater than average so far in the session, according to the Heat Seeker. Calls outnumbered puts by a bullish 7-to-1 ratio.
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