Options Traders Pile Into Sunoco

By Mike Yamamoto, managing editor of OptionMonster

Traders started buying calls in Sunoco(SUN Quote) last week and are continuing to pile into the oil-refining company before its earnings report after the closing bell Wednesday.

The heavy options activity continued Tuesday in the near-month contracts that expire in less than two weeks. The latest activity was concentrated at the May 30 and May 31 strike prices, which saw more than 11,700 and 13,500 calls trade, respectively.

Much of the trading at these strikes indicated bullish buying sentiment, according to OptionMonster's tracking systems. Total Sunoco calls of more than 31,000 dwarfed the number of puts at 2,397, as well as the average call volume of 4,227. ...