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(The following is an example of notable trading cited on optionMONSTERs InsideOptions Pro service on Friday.) Short-term bulls turned quick profits in AK Steel on Friday. optionMONSTERs Heat Seeker system found buying in the Weekly 3 calls that expire on Nov. 6, with more than 8,900 purchased for $0.05 to $0.08 in the afternoon when the stock was trading at $2.78. These were clearly new positions, as open interest in the strike was just 411 contracts before the session began. The volume of those contracts swelled to 10,755 by the end of the session, with premiums rising 50 percent to $0.12. The stock gained less than 7 percent in the same time period, illustrating the kind of leverage that can be achieved with options and resulting in a winning trade for InsideOptions Pro subscribers in just a few hours. Long calls lock in the price where investors can buy a stock, which lets them position for a rally with limited capital. That can be safer than purchasing shares directly because only the cost of the options can be lost on a pullback. The calls can be sold anytime before they expire but will lose value if the stock falls. (See our Education section) AKS rallied 6.25 percent to close at $2.89 after peaking at $2.96 in late trading. The steel producer beat earnings and revenue estimates last Tuesday and has been climbing off the low end of its range. Shares are down some 54 percent on the year but have rebounded 13 percent in the last month. Short interest is estimated at 25 percent of the float. Overall option volume in the name topped 15,000 on Friday, almost quadruple its daily average for the last month. Only 337 of those contracts were puts, a reflection of the sessions bullish sentiment. More From optionMONSTER Caution reigns in Cognizant trade Notable option activity in equities Bulls like Sprouts Farmers Market View comments
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