By David Russell, reporter at OptionMonsterNEW YORK -- Someone wants to get lucky with Talisman Energy ( TLM). OptionMonster's tracking programs detected a surge of bullish activity in the Canadian company Tuesday. Activity started less than an hour into the session when about 10,000 July 13 calls were purchased for 60 cents and matching number of July 10 puts were sold for 20 cents. If the stock gains, these calls -- which lock in the purchase price of the shares -- will rise in value while the premium of the puts will dwindle. Combining the two is doubly bullish, resulting in a cheap position with potentially massive leverage if the stock rallies. Talisman's shares, which closed the session unchanged at $12.02, have been consolidating around $12 all year. Energy stocks have been bullish in the last month as investors target companies operating in the United States and Canada. Later in the session, another 10,000 contracts traded at each strike as the investor added to the bullish strategy. Total option volume was six times greater than average Tuesday. Russell has no positions in TLM.
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