Bull bets on ION Geo breaking range By David Russell, reporter at OptionMonster

NEW YORK ( OptionMonster) -- ION Geophysical ( IO) seldom trades a lot of options, but Thursday it lit up with bullish call-buying.

OptionMonster's real-time tracking systems detected the sudden purchase of almost 3,700 November 8 calls for 25 cents against open interest of 1,121 contracts. Those calls lock in an investor's buying price on the stock and stand to appreciate much more rapidly than the shares on a percentage basis if a rally takes place.

The company provides seismic-imaging to drillers in the energy sector. It plunged hard in early August after earnings missed estimates but has been bouncing in a range since then.

Based on Thursday's call-buying, a large trader expects ION to make a nice run in the next four weeks. The timing of the next earnings report hasn't been announced yet, but it should take place before the option expiration on Nov. 18.

The stock rose 5.98% to $7.09 in the session. It normally trades fewer than 500 contracts a day, so the activity in those November 8s was clearly unusual.

Russell has no positions in ION Geophysical.
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.