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• Huge trade sees cap on utility gains
• PPG Industries attracts bullish play

• SWY 100% Rate It

Safeway has had a pop, and now traders are worried about a drop as earnings approach.

optionMONSTER's Depth Charge tracking system detected the purchase of about 4,000 May 19 puts for $0.30 against open interest of just 301 contracts. Volume is more than 13 times open interest at the strike.

SWY is up 0.99 percent to $21.40 in late morning trading but has retreated from its highs earlier in the session. The slow-moving grocery stock is up 8 percent in the last week, allowing some investors to more than double their money from the move.

The stock has been making lower highs and lower lows since February, and it appears to be hitting resistance at its 50-day moving average. Some chart watchers may consider those bearish patterns.

Quarterly results are scheduled for after the bell on April 26. The last report beat expectations, but worries about gas prices caused investors to hit the sell button.

Overall option volume is twice the average amount so far today, with puts accounting for more than 60 percent of the activity, according to the Depth Charge.

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