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• Cramer: Confusing spin on earnings
• Silicon Image spikes on strong quarter
• Futures up ahead of Fed announcement

• ANF 50% Rate It

Abercrombie & Fitch has been grinding higher, and one investor expects the gains to continue.

optionMONSTER's Heat Seeker tracking program detected the purchase of 4,000 August 37 calls for $2.06 and the sale of an equal number of August 35 calls for $3.05. Volume was below open interest in the 35s, which suggests that an existing position was closed and rolled to the higher strike.

The investor collected a credit of about $0.99. He or she probably got long when the shares were cheaper and is now adjusting that position. The move recovered some capital and will profit further if the specialty retailer continues to advance. (See our Education section)

ANF is up 2.79 percent to $36.78 in morning trading. It cratered two months ago after the slowdown in Europe triggered a disastrous earnings report. Shares kept falling into late June but have been rebounding since then.

Overall option volume is triple the daily average, with calls outnumbering puts by 3 to 1.

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