Credit: Shutterstock photoOne investor is sticking with Dish Network as the stock grinds higher.
optionMONSTER's Heat Seeker tracking program detected the purchase of 3,500 April 31 calls for $1 and the sale of an equal number of March 30 calls for $0.65. Volume was below open interest in March, which indicates that an existing position was closed and rolled to the higher strike.
The transaction cost $0.35 and gives the investor an additional month of upside exposure to the satellite-television name. It reflects a belief that the stock will break above the $30 that's been holding it in check since early this year.
DISH is up 1.37 percent to $29.57 in morning trading. It ripped higher in November and December but has been consolidating in a range since then. The shares have been posting higher lows along their 50-day moving average for the last month, which could make some chart watchers think that they're getting ready to break out.
Overall option volume is quadruple the daily average, with calls outnumbering puts by more than 300 to 1.
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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.
