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Oil and gas company Unocal (UCL - 37-1/4) has been quietly but steadily gaining ground over the past few months. Since its late-February low, the stock has appreciated by almost 50 percent. This week, the stock’s 10-week and 20-week moving averages completed a bullish cross, a sign of intermediate-term strength. Call activity on UCL is heavy today. The May 27-1/2 call has posted volume of 3,000 contracts, making it one of the busiest calls on the PHLX. Three large blocks totaling 2,750 contracts crossed the tape late, making it difficult to assess the investors’ intentions. Over 1,000 contracts have changed hands on the May 30 call, with several mid-sized blocks transacting at the ask. The June 32-1/2 and 35 calls both have registered volume of 3,100 contracts, with several transactions that were likely related.