Someone wants to get lucky with Talisman Energy.
OptionMonster's tracking programs detected a surge of bullish activity in the Canadian company yesterday. Activity started less than an hour into the session when about 10,000 July 13 calls were purchased for $0.60 and matching number of July 10 puts were sold for $0.20.
If the stock gains, these calls—which lock in the purchase price of the shares—will rise in value, while the premium of the puts will dwindle. Combining the two is doubly bullish, resulting in a cheap position with potentially massive leverage if Talisman rallies.