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writer, OptionMonster
Options action was bullish on Ford Motor today as investors bet that the automaker would rally at least 6 percent in the next four weeks.
OptionMonster's tracking systems detected heavy buying of the August 8 calls, which traded for $0.15 to $0.39. About 43,000 of those contracts have traded so far today, almost four times existing open interest at that strike.
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CNBC/OptionMonster Trading School:
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Ford stock [F
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Auto Intelligence:
- House Adds $2 Billion to Cash for Clunkers Program
- POLL: Should 'Clunkers' Program Continue?
- How to Use 'Cash for Clunkers' Program
Ford has more than quadrupled since the market bottomed in March and gapped above $6.50 on July 23. Today it's working its way through a gap lower that occurred on May 22, 2008. Its next likely resistance level will probably be in the $8.50 to $8.80 range, its old high last year.
The September 7 calls were also under accumulation, trading 11,267 times for $0.80 to $1.24, although volume was far below open interest of 56,394 contracts.
Call activity in the name exceeded puts by roughly 4 to 1, reflecting the bullish sentiment.
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The Other Auto Bigs:
Toyota Motor [TM
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General Motors/Motors Liquidation [MTLQQ
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Honda Motors [HMC
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Nissan [NSANY
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David Russell is a reporter and writer for OptionMonster.
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Data is a real-time snapshot *Data is delayed at least 15 minutes