Dominion Resources got a pop along with other utilities today,
and one investor is adjusting a position.
optionMONSTER's tracking systems detected the purchase of 1,940
January 62.50 calls for $4.70 and the sale of an equal number of
April 72.50 calls for $0.40. Volume was below previous open
interest in the January contracts, so it appears than an existing
position was closed and rolled forward.
The investor probably owns shares in the Virginia utility company
and had sold the 62.50s as part of a
. The trader then bought those back those calls and rolled the
position to the 72.50s, raising by $10 the price at which he or she
must exit the name. Rolling the position cost $4.30 and keeps the
investor in the trade for an additional three months. (See our
D is up 1.38 percent to $67.24 in morning trading. It's up 29
percent in the last year, making it one of the few utilities to
keep pace with the S&P 500 during that period. (See our
market scanner to analyze the price performance of companies and
groups over different periods.)
Total option volume is 7 times greater than average so far in the
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