Stocks quoted in this article:
Burlington Resources (BR - 42-5/16), an oil and gas producer, closed last week right on its 10-week moving average. Today, the shares are bouncing higher off a successful test of this intermediate-term trendline. BR’s options pit is active today. The July 45 call has logged volume of 2,100 contracts, while the July 41-1/2 put has seen 1,500 contracts change hands. Most of this activity should result in new positions, since open interest on these options amounts to 72 and 260 contracts, respectively. Several mid-sized blocks crossed the tape late on both options, making it difficult to determine the investors’ intentions. These two contracts are among the most-active options on the PHLX.