General Electric has apparently broken through technical resistance levels, and the bulls think it has room to run higher.
OptionMonster's tracking programdetected unusual activity in the December 20 calls, with institutional-sized purchases for $0.19 to $0.21. The contract traded 63,867, more than four times existing open interest, and was the busiest strike in the name today.
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GE is the parent company of CNBC.
GE rose to 2.54 percent to $15.74 in early afternoon trading. The stock is up 13 percent in the last month, compared with a 4.54 percent gain for the S&P 500 index. The shares hit $15.89 earlier in the session, their highest price since Jan. 12.
The industrial conglomerate needs to climb another 28 percent by December expiration for the calls to turn a profit.
The activity was consistent with a broadly bullish sentiment in GE overall: Options trades are skewed heavily toward the bullish side today, with call volume exceeding puts by more than 3 to 1. Some 437,000 contracts traded in the name, more than the twice the average in the previous 20 sessions, according to our data.
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David Russell is a reporter and writer for OptionMonster.