Can Express Scripts carry momentum?

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Traders apparently expect Express Scripts to keep its momentum into early next year.

OptionMonster's tracking systems detected the purchase of 2,000 January 70 calls for $2.95 and the sale of an equal number of January 60 calls for $8.75. Volume was below open interest in the 60s, which suggests that an existing position was closed and rolled to the higher strike.

These calls lock in the price where shares can be purchased in the provider of pharmacy benefits. Investors use them for cheap upside exposure, leveraging small moves and managing risk in the process.

In yesterday's case, traders had apparently made money on a long bet in the January 60s. Adjusting to January 70s let him or her to collect $5.80 while remaining positioned for further gains.

ESRX rose 0.86 percent yesterday to close at $67.07, another new all-time high. Earnings have beaten expectations for at least four straight quarters, and the stock has been running since bottoming around $50 in November. The next quarterly report is scheduled for after the close next Monday, July 29.

Total option volume was twice the daily average in the session, with calls outnumbering puts by a bullish 4-to-1 ratio.

—By CNBC Contributor David Russell

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David Russell is a reporter and writer for OptionMonster. Russell has no positions in ESRX.