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Airline stocks are up again as oil prices drop for the fifth straight day, and options traders are betting that American Airlines (AMR) will go even higher.
Fast and large options orders have been placed this morning, with 14,500 calls trading against 487 puts. Buying was focused particularly on the February 9 and January 10 calls as AMR [AMR
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A block of 2,500 February 9 calls (AMRBL) went off at $1.75, as well as blocks of 416 and 654 at $1.70. I also see blocks of 550, 491, 707, and 454 contracts hitting for $1.05 at the January 10 call strike (AMRAB).
Disclosures:
I am long on AMR.
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AMR Competes With:
Continental Airlines [CAL
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Delta Air Lines [DAL
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United Airlines [UAUA
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US Airways [LCC
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Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.
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Data is a real-time snapshot *Data is delayed at least 15 minutes