Options Trading News

December 24, 2012  Mon 10:38 AM CT

Traders are looking for more gains in Xilinx as the chip maker trades at eight-month highs.

optionMONSTER's Heat Seeker system detected the purchase of 1,065 February 36 calls, mostly for $1.25. There was no open interest in the strike, so this is a new position.

XLNX is off 0.22 percent to $36.02 today. Shares bounced sharply at support near $32 in mid-November and hit a recent peak of $36.44 last Thursday, its highest level since late April.

Today's long calls, which lock in the price where traders can buy stock, are looking for shares to pop roughly 3.5 percent by expiration in mid-February. The company is scheduled to present at the JP Morgan 11th Annual Tech Forum on Jan. 8.

Total option volume in the name is more than 50 percent higher than is daily average in the last month. Only 39 puts have changed hands in the session so far.
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As I stated in last week's article, a break out or a break down needs to have a couple things happen before it is considered a confirmed break out or break down. The only problem is that in today's market where things move much more quicker than they did just a few years ago, two days could wind up being the majority of the expected movement, if not the whole movement.

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