Hartford calls see more room to run

Hartford Financial is rallying off its 2012 lows, and a large option spread appears to be looking for more gains.

HIG is up 1.87 percent to $17.44 in early afternoon trading, returning to levels of a month ago. The insurance and financial firm traded to its 2012 low of $15.65 a week ago after earnings results but has rallied strongly since then. Shares traded above $22 going into April.

Total option volume in the name tops 25,000 contracts, compared to a daily average of 6,000. A trader sold 10,000 January 2013 22 calls for the bid price of $0.19 against open interest of 29,485 while buying 10,000 January 2014 22 calls for $1.32. The latter was done against open interest of 519, so that part of the activity was an opening position.

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