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• Swift Energy draws bearish action
• Call sale sees Swift slowing down

• SFY 0% Rate It

Swift Energy has rallied 15 percent since mid-September, and option traders are calling a top.

optionMONSTER's tracking systems detected the sale of more than 6,000 November 35 calls, most of which priced for $0.40, against open interest of 1,437 contracts. The activity pushed total option volume in the oil and natural-gas exploration company to 45 times greater than average.

SFY rose 1.33 percent to $30.53 in morning trading and touched its highest levels since mid-June. The shares spent more than three months building support around $25 before pushing higher in the last three weeks.

The company's last earnings report on Aug. 5 was strong, and management said proven reserves are growing at twice the previously expected rate. It also boosted its full-year production forecast.

Today's call sale reflects a belief SFY will remain below $35 through expiration. The stock hasn't traded at that level since the day of the May 6 "flash crash." Swift's next earnings release is scheduled for the premarket on Nov. 4.

(Chart courtesy of tradeMONSTER)

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