On Friday there was a ton of activity in Delta Air Lines, with more than 63,000 calls trading versus just 13,000 puts . Traders sold the December 8s the same day they expired and bought the January 9s, rolling their positions out by a month in hope of further upside. They also purchased the January 10 and the March 11 calls.
Long calls lock in the price investors need to pay to buy shares. That means they can double, triple, or more from even a modest move in the stock price. But they can also expire worthless if the underlying equity drops or fails to rally.
Delta's stock ended the session up 5.01 percent to $9.02. It made a quick push up from its level slightly above $7 in late November and is now above its 200-day moving average for the first time since early January.
—Najarian has no positions in DAL.
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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com.