Energy producer Apache bounced at its 200-day moving average, and the bulls are looking for steady gains.
OptionMonster's tracking programs detected the purchase of 10,000 January 90 calls for $3.51 and the sale of an equal number of January 100 calls for $1.36. Volume was more than quadruple open interest at each strike, indicating new activity.
Owning calls locks in the price where investors can buy shares, while selling them fixes a maximum exit level. Combining the two strategies lets them control the spread between two prices at low cost.