Industrials have been strong, and now the bulls are targeting Emerson Electric.
OptionMonster's trade scanners detected the purchase of 3,300 August 60 calls for $0.30 shortly after the opening bell on Friday. Almost 4,300 of those contracts would eventually trade, more than 5 times the previous open interest in that strike.
These calls lock in the price where the stock can be bought, providing an inexpensive way to profit from a rally without buying shares directly. The options can generate huge leverage from even a small move in the underlying stock but can expire worthless if it doesn't move in the next month.