There was very little green in the market yesterday, but airlines were positive for most of the session.
US Airways saw some cautious spreads trading in the January calls. Traders bought the January 6s and sold the January 10s for a net cost of just under $1, with about 3,500 contracts in each.
The stock ended the day up 1.53 percent to $5.97, so those January 6 calls are already pretty close to being in the money. Shares are down about 40 percent so far this year but have been perking up a bit in the last few sessions.
The call spreads pushed the airline's overall option volume past 12,000 contracts. Fewer than 1,500 of those were puts, reflecting the bullish sentiment of the session.
—Najarian has no positions in LCC.
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