Patterson-UTI Calls and iShares Investment-Grade Corporate Bond Puts Heating Up

Filed under: Stocks to Buy, Stocks to Sell

Option traders appear to be setting up for a bullish move on Patterson-UTI Energy Inc. (PTEN). Traders plowed into 3,378 new call option contracts -- 10.21 times the average volume -- on the stock on Tuesday. And we know that traders were eager to get into this trade because 94% of the trades came in on the ask price.



Patterson-UTI faces resistance just below $17. The stock closed Tuesday at $16.19, up 9.42% during the past month.



Option traders also look like they are preparing for a bearish move on iShares iBoxx $ Invest Grade Corp Bond (LQD). Traders bought 10,043.00 new put option contracts -- 7.92 times the average volume -- on the stock. A full 100% of these trades also came in on the ask price.



The stock closed Tuesday at $111.52, up 1.09% during the past month.

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Patterson-UTI Calls and iShares Investment-Grade Corporate Bond Puts Heating Up originally appeared on BloggingStocks on Tue, 14 Sep 2010 18:00:00 EST. Please see our terms for use of feeds.

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