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Options Traders Snap Up Calls on TBT

By Jon Najarian

 About this article:
 Options traders are snapping up calls in the TBT exchange traded fund, which has been rising steadily since the end of the year. The TBT, which seeks investment results that correspond to twice the inverse daily performance of the Lehman 20+ Year U.S. Treasury Index, saw some 16,000 calls traded today versus 5,700 puts. (Remember, because this ETF trades inversely, the calls go up as the bonds in the TBT drop.) Both the January 41 and 42 call volumes are 6 to 9 times the open interest at either strike, according to optionMONSTER's tracking systems. Average daily turnover of calls in the month of December was a mere 700 contracts per day, so today's action is 24 times heavier than normal. Since Dec. 31 the TBT has rallied sharply, running from just below $36 to as high as $42 today. ...

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