Market News

November 28, 2016  Mon 8:14 AM CT

An investor is increasing a bullish position in Continental Resources.

OptionMonster's monitoring system detected the sale of 1,500 December 55 calls for $1.60 and the purchase of 3,000 December 60 calls for $0.55 on Friday. Volume was below open interest in the lower strike, indicating that a bullish position was rolled higher and doubled in size.

Long calls lock in the price where investors can buy stock, allowing them to profit from a rally with limited capital at risk. Their cheap cost can also generate significant leverage on a percentage basis if shares move in the right direction. (See our Education section)

CLR fell 2.89 percent to $51.83 on Friday but is up 9 percent in the last three months. The oil and natural-gas producer is expected to report earnings after the close on Feb. 22.

Overall option volume was about average in CLR on Friday.

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