UAL Corporation (UAUA) $10.93 -1.97%

| December 18, 2009 | 0 Comments More

UAL (UAUA) is off 22 cents to $10.93 and an investor sells 11,500 Jan11 $10 calls to buy 20,000 Jan11 $15 calls. This looks like a roll up in strikes. If so, it probably closes out a position opened on November 11 when an investor bought 10,000 Jan11 $10 calls along with 10,000 Mar 4 puts. No action in the March 4 puts yet today. Another investor, or possibly the same, appears to have sold the Jun 10 – 14 (1X2) call ratio spread, 2000X, which might also be a roll up from the Jun 10s to the 14s.

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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.