By Chris McKhann of OptionMonster
NEW YORK -- Tiffany (TIF) is looking to break through resistance, and the bulls were betting on a quick move last week.
OptionMonster's tracking systems detected a big trade in the Weekly 90 calls that expire at the end of this week, with an investor buying 4,300 of the contracts for $2.32 on Friday. The trader also sold an equal number of Weekly 95s for 58 cents, resulting in a net cost of $1.74.
The vertical spread stands to make $3.26 if the luxury retailer can climb above $95 by the end of the week. OptionMonster founders Jon and Pete Najarian highlighted a similar bullish trade in our Advantage Point newsletter last month.
Earnings come out Wednesday morning, which could provide a catalyst for the move. Tiffany shares rose 2.62% to $90.48 on Friday and have been finding support along their 200-day moving average.
Overall option volume in Tiffany was 11 times greater than average in the session, with calls accounting for a bullish 84% of the total.
McKhann has no positions in TIF.