For the second session in a row, the bulls are looking for a rebound in offshore-drilling companies.
Yesterday optionMONSTER’s Heat Seeker monitoring program detected upside option activity in Rowan and Transocean. Today the bullish paper is hitting in Seadrill.
More than 3,000 July 35 calls were purchased in SDRL, most of which priced for $1.35 and $1.40. Volume was more than triple open interest at the strike, which indicates that new money was put to work on the long side.
— Option Monster