Bulls See More Gas in Halliburton's Tank

Halliburton has been ripping higher recently, and traders believe that it might have enough energy for even more.

OptionMonster's tracking systemslit up early with call buying, specifically the March 46 calls, which went for $1.69 and $1.70. More than 7,000 contracts traded by the end of the session versus open interest of just 351.

Halliburton rose 1.13 percent to $45.51 yesterday, so it needs to make new highs for those calls to be profitable. The company, which provides various services for the exploration and production of oil and natural gas around the world, so it's been on fire of late as energy stocks have been on a tear.

It's scheduled to present at the 2011 Credit Suisse Energy Summit on Feb. 8. The last earnings report on Jan. 24 crushed estimates.

Call volume outnumbered puts by a bullish 4-to-1 ratio yesterday.

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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.

Najarian has no positions in HAL.