Alcoa (AA) is up 30 cents to $16.30 and one players sells 7,270 Jan15s at $1.52 to buy 7,270 Feb 16s at $1.21 on AMEX. Similar trades were seen on ISE, where ISEE sentiment data indicate that half are opening customer buyers. So, this might be a roll of calls (selling-to-close Jan 15s, buy-to-open Feb 16s) from one month to the next.

The Jan 16 – Feb 17 call spread is seeing similar action. Looks like 5228 traded on AMEX and 3000 on PHLX — apparently selling the front month (83 cents) to buy the Feb 17s (74 cents). Recall that Alcoa rallied nearly 8 percent on a Morgan Stanley upgrade Monday. It is setting new 52-week highs and some investors might be banking profits on the Jan 15s and 16s, while extending a bullish view to the Feb 16s and 17s.