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Traders buy calls on Dick’s Sporting Goods

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Traders are snapping up call options on Dick’s Sporting Goods ( DKS ) Thursday. To be specific, the July $43 call is seeing a lot of activity today with 2,356 contracts on the tape against previous open interest of 333 contracts. Most of today’s trades have been on the high side of the spread, which suggests that these new contracts are being bought to open.

InvestorsKeyhole Trade Alert

IK-> The technicals for DKS ($40.77 up $0.13) are bearish with a downward trend. The stock has support about $39.02. Look at the July 34/37 bull-put spread for a 20-cent credit. That’s a 7.1% return and the stock has to fall by 9.2% to cause a problem. [InvestorsKeyhole, various news and data services]

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