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Cofounder, OptionMonster.com
Manny Pacquiao's left hook proved far too fast for Ricky Hatton Saturday night, but even the Pac-Man's fists would be no match for the speed of the institutional trader who snapped up calls in Sunoco [
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] on Friday afternoon.
This large player threw a one-two punch in a matter of seconds, buying the May 30 calls in blocks of 4,380 and then 4,000 at $0.60. Normal full session call activity in Sunoco is 2,900 contracts, but more than 14,400 calls changed hands Friday with nearly two hours left to trade, according to OptionMonster's tracking systems.
Since trading around $48 in February, not far from its 52-week high, Sunoco has been confined to a tight range of $26 to $28 for weeks. But Friday the shares broke out of that channel, closing the session up 6.8 percent to $28.31. The options activity is apparently betting that the shares will reach $30 by expiration of the May contracts in two weeks.
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Options Education:
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Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.com.
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Data is a real-time snapshot *Data is delayed at least 15 minutes