By David Russell, reporter at OptionMonsterNEW YORK -- Pipeline company Enbridge Energy ( EEP) is drawing bullish option activity. OptionMonster's tracking programs Friday showed the purchase of about 2,800 December 27.50 calls, most of which priced for 85 cents. Volume was more than 50 times open interest at the strike, indicating that new positions were initiated. Those calls lock in $27.50 as the purchase price on EEP shares in the next five weeks, no matter how high the stock goes. That will provide significant leverage in the event of a rally, but the contracts will lose all their value from even a modest decline. Enbridge's stock rose 2.36% to $28.25 on Friday and is trying to build support around the same $27.50 area where it bounced in June. The stock had peaked above $30 earlier this month. Total option volume in the name was five times greater than average in the session, with calls outnumbering puts by a bullish 32 to 1. Russell has no positions in EEP.
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