Large trader stays bullish on Symantec
Mike Yamamoto | firstname.lastname@example.org
optionMONSTER's Heat Seeker tracking system detected the sale of 10,000 January 19 calls for $0.85 and the purchase of 10,000 April 20 calls minutes later for $1.09. Volume was below open interest in the January options but above it in the April strike.
This indicates that a trader is rolling long calls forward, closing the initial position and opening a new one at the higher strike price. The trader paid a net $0.24 for an additional three months for the revised strategy, which is looking for the stock to gain more than 8 percent by expiration in mid-April 2013. (See our Education section)
SYMC rose 2.86 yesterday to close at $18.71, a penny off its session high and approaching its 52-week high of $19.54 reached on Sept. 14. The security-software maker gapped up through its 50-day moving average last Friday after reporting its quarterly earnings.