Market News

March 31, 2014  Mon 11:35 AM CT

ConocoPhillips has run hard, and the bulls aren't giving up yet.

optionMONSTER's Heat Seeker monitoring program detected the purchase of some 13,900 April 72.50 calls for $0.27. A similar number of equal number of April 70 calls was sold at the same time for $1.29, but volume was below open interest in those contracts.

As we reported on March 18, April 70s were bought for $0.30 to $0.35, so the investor is now rolling that highly profitable trade up to the next strike. Making the adjustment let him or her collect $1.02 while remaining exposed to further gains through the new long calls if the oil driller continues to rally. (See our Education section)

COP is up 0.07 percent to $70.41 and is up about 4 percent from our initial alert. It's been rising along with other energy names as investors bet on a stronger global economy. The stock hit an all-time high of $74.59 in late October and pulled back under $63 early last month before bouncing.

Total option volume is quadruple the daily average so far today, according to the Heat Seeker. Calls outnumber puts by a bullish 13-to-1 ratio.
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