Retail name Big Lots Inc (NYSE:BIG) has climbed up the charts for the better part of the year with support from the 20-day moving average guiding shares higher since breaking out past their autumn 2020 highs. The $63.84 level, which is six times BIG's March closing low, and the $62.50 level, which is home to its pre-earnings close, also held as support last Thursday. Big Lots stock's +50% year-to-date level was supportive last week, too, making now a good time to speculate on the security's next move with call options.

Big Lots options can be had a bargain right now, per the security's Schaeffer's Volatility Index (SVI) of 52%, which stands higher than just 2% of readings from the past year, implying option traders are pricing in relatively low volatility expectations at the moment. Adding to this, BIG's Schaeffer's Volatility Scorecard (SVS) ranks at 91 out of a possible 100. This means the stock has tended to exceed these expectations -- a good thing for option buyers. Lastly, our recommended call option has a leverage ratio of 4.1 and will double in a 25.4% pop in the underlying equity.

Subscribers to Schaeffer's Weekend Trader options recommendation service received this BIG commentary on Sunday night, along with a detailed options trade recommendation -- including complete entry and exit parameters. Learn more about why Weekend Trader is one of our most popular options trading services.

The shares of Harley-Davidson Inc (NYSE:HOG) are up 7.3% at $40.29 this morning, following an upgrade from Baird to "outperform" from "neutral." This is the first time since 2016 the analyst has turned bullish on the stock, noting a promising shift in strategic direction and slimmer inventories. Meanwhile, Wedbush also chimed in, lifting its price target to $43 from $42. 

There's still plenty of room for analysts to follow Baird's lead, as the 12-month consensus price target of $38.25 is a nearly 5% discount to current levels. Plus, coming into today, nine of the 13 analysts in coverage still considered HOG a "hold."

Today's price action has HOG trading its highest level in nearly two months, closing its early February bear gap, and toppling recent pressure at its 80-day moving average. The equity sports an impressive 112.7% year-over-year lead, and is looking to close out the month of March with a solid 13% win. 

While short interest has been on the decline, a further unravelling could put even more wind at the stock's back. Short interest fell 8.8% in the last two reporting periods, though the 16.64 million shares sold short make up a solid 10.9% of HOG's available float, and would take almost eight days to cover at its average daily pace of trading. 

A shift in the options pits could also give HOG a boost. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Harley-Davidson stock sports a 10-day put/call volume ratio of 2.17, which stands higher than 79% of readings from the past 12 months. This implies puts are being picked up at a much quicker-than-usual clip. 

For those wanting to speculate on the equity's next move, options can be had at a relative bargain right now. This is per the stock's Schaeffer's Volatility Index (SVI) of 46%, which sits in the very low fifth percentile of its annual range. In other words, options traders are pricing in low volatility expectations for the motorcycle manufacturer at the moment.