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Options News Sprint option buyers looking for shares to make a move higher

Sprint option buyers looking for shares to make a move higher

Sprint (S) which is showing relative strength and bucking the overall market being up 2.7% at $5.44, is seeing very strong interest in the July $6 calls which have traded more than 26k calls exceeding the current open interest of 6,311 contracts. Order flow has been traded on the offer 60% of the time with implied volatility seeing surge of 20% at 83% from Friday's close. The biggest trade that has hit the tape so far is a purchase of  9k+ contracts for .30 cents.

Shares have been following a trend higher since early November and have traded in a range starting in April which looks like consolidation for its next move higher. Shares could also be seeing new buyers step in with the launch of the Palm Pre, that is only available on Sprint.

s6151

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