Quanta Services (PWR) is up 72 cents to $22.38 and options volume is running 4X the usual. It appears that one strategist is closing a bullish three-legged spread opened last week, selling 2500 May 20 – 22.5 call spreads for $1.47 while buying 2500 May 17.5 puts for 52 cents. The trade was discussed on April 7Ãƒâ€šÃ‚Â for premium subscribersÃƒâ€šÃ‚Â when the stock was down $1.70 to $21.11 (click here for a premium sample piece.) It looks now that the strategist saw the move he/she was looking for and is moving out of the position. For those that did tradeÃƒâ€šÃ‚Â the spread, it might make sense to follow the “smart money” and take the money off the table as well.
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.