Long Shots in Research In Motion

By Pete Najarian, co-founder of OptionMonster

NEW YORK -- Research In Motion ( BBRY) has been a great beta trade for some time, and option traders are looking for the BlackBerry maker to spike much higher.

OptionMonster's tracking programs Monday found some curious prints in the September 27 calls, which were bought for 22 cents. hat's a crazy high strike for a stock that closed the session at $15.61, up 3.93%.

These calls lock in the price where investors can buy stock in the smartphone maker. Because the options are much cheaper than the shares, they can result in significant leverage if the stock moves in the right direction. The September 19 calls were also active but much closer to the money.

Apple ( AAPL) was also in focus Monday with a gain of more than 3%. There is no comparison between these companies in most metrics, but they do have similar products in certain categories, and Research In Motion has frequently been an outperformer. In addition, Jefferies issued a positive note on the company Monday.

Almost 120,000 calls traded versus 44,500 puts Monday, as its total option volume was more than triple its daily average.

Najarian owns BBRY shares.

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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