Short-term traders are hoping to ride the upward momentum in General Motors through the end of this week.
optionMONSTER's Heat Seeker system found heavy buying in the September Weekly 36 calls that expire on Friday. More than 3,300 of the contracts were bought as premiums rose from $0.71 to $0.88 in volume well above previous open interest of 1,768.
These long calls , which lock in the price where traders can buy the stock, will track the share price closely because they are in the money. The contracts are looking for a quick pop and will quickly lose value if the shares don't move very soon. (See our Education section)
GM rose 0.91 percent yesterday to close at $36.48. The company surged with the rest of the sector last week as auto makers reported strong sales, lifting the stock back above its 50-day moving average.
Overall calls outnumbered puts by more than 55 percent.
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