Dow Chemical bulls won’t let up

Dow Chemical is drawing upside option action for the second time in three days.

optionMONSTER’s Heat Seeker tracking system this morning detected the purchase of more than 6,600 Weekly 49.50 calls that expire a week from today for $0.21 to $0.43. This is clearly fresh buying, as open interest in the strike was a mere 31 contracts before the session began.

These long calls are looking for bullish momentum to continue in the stock for another week, locking in the price where traders can buy shares no matter how far they might rise. But the contracts will expire worthless if DOW remains below $49.50 through the end of next week.

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