Trader Jon Najarian has spotted unusual activity in a major specialty retailer.
He tells us his proprietary OptionMonster heat seeker has identified an unusually high number of November 15 calls that recently traded in American Eagle.
”It’s not my number 1 pick in the space but there’s not doubt big investors have their eye on this stock, It’s a lot of upside buying."
It suggests at least some institutional investors expect the stock to make a sharp move higher.
Elsewhere in the space trader Zach Karabell is watching VF Corp , Bed Bath & Beyond, NikeLimited and Ralph Lauren which all hit record highs.
”High end retail is keyed into the discretionary spend. If people have money they continue to spend it.”
JJ Kinahan agrees. “For the high end this could be a much better holiday than many investors expect.”
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CNBC.com with wires.