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Bulls Keep Chipping In on Marvell

By Pete Najarian of OptionMonster
 
 
NEW YORK -- Marvell Technologies (MRVL) drew upside option activity Tuesday for the second time in as many weeks.
 
A trader sold 6,200 January 14 calls mostly for 96 cents and bought the same number of February 15 calls for about 83 cents, according to OptionMonster's tracking systems. Volume was below previous open interest in the lower strike, indicating that a long position was closed and rolled forward.
 
The investor is taking some money off the table and using the rest of the proceeds to stay in the trade for another month at a strike that is $1 higher. The new long calls are looking for MRVL to pop by mid-February but will expire worthless if shares remain below the $15 strike price.
 
Tuesday's roll follows bullish call-buying in the February 14 strike on Dec. 26. Marvell shares rose 0.41% Tuesday to close at $14.70 after hitting a new 52-week high of $15.11 earlier in the session.
 
Total option volume in the name was just shy of 34,000 Tuesday, more than quadruple its daily average for the last month. Overall calls outnumbered puts by 8 to 1.
 
Najarian owns MRVL calls.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.

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