What Options Are Saying

This blog post was written by OptionMonster's Mike Yamamoto. is trading at a five-month high Thursday and drawing bullish options activity, after reporting quarterly earnings that exceeded Wall Street estimates.

The 20-day average volume for PCLN is 11,000 contracts, but more than 69,000 had changed hands by midmorning alone. Almost all of those trades were calls, many of them at the February 85 strike, according to OptionMonster's proprietary tracking systems.

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PCLN gapped up in the pre-market this morning after posting its strong earnings results and first-quarter outlook late yesterday. A day before the report, when Priceline had fallen to its lowest level in two weeks, our systems detected a very large trade of 15,500 contracts each in April 45 puts, April 85 calls, and April 90 calls.
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PCLN shares are up nearly 17 percent to $80.37, marking the first time PCLN has been over $80 since September 2008. Only halfway through today's session, volume is nearly 2.5 times its full-day average.

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Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of