Credit: Shutterstock photoThe bulls think Wisconsin Energy will keep powering higher.
optionMONSTER's Heat Seeker monitoring program detected the purchase of 8,500 October 50 calls. The first large block priced for $0.65, followed by subsequent prints for as much as $0.95. There was no existing open interest before the trade appeared, so new money was clearly put to work on the long side.
These long calls lock in the price where a stock can be purchased, letting investors cheaply position for a rally. The contracts can also generate significant leverage if shares move in the right direction. (See our Education section)
WEC is up 0.31 percent to $45.80 in afternoon trading after hitting a new all-time high earlier in the session. The Milwaukee-based electricity and gas company is up 11 percent so far this year and been rallying along with other utilities.
Overall option volume is 182 times greater than average so far in the session, according to Heat Seeker. Calls account for a bullish 98 percent of the total.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
