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• Bulls pile into Dana ahead of earnings
• Illumina receives vote of confidence
• Largest option buying in equities so far

• GRMN 50% Rate It

One investor wants to map out profits in Garmin as the navigation stock treks higher.

optionMONSTER's Heat Seeker monitoring system detected the purchase of about 3,100 January 45 calls for $2.90 and the sale of similar number of January 30 puts for $2.45. Volume was more than 8 times open interest at both strikes.

The trade cost $0.45 and lets the investor control a large number of shares at a fraction of the cost. If GRMN climbs, they'll make money from the calls appreciating and the puts losing value. The opposite will be true in the event of a drop.

GRMN is down 1.44 percent to $39.40 in early afternoon trading. It shot above $50 in May for the first time in almost four years, then pulled back to its previous peaks around $35 and has been drifting in a range since. But it's been making higher lows over that time, which could be leading some chart watchers to believe that it remains in a bullish uptrend.

The company's last four quarterly reports have beaten estimates as it finds new growth opportunities in fitness devices, and its next release is scheduled for Oct. 31. Short interest is about 17 percent of the float, which could also fuel buying.

Overall option volume is 8 times greater than average in the name so far today, according to the Heat Seeker.

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