Today traders opened up two new long call positions in January.? Traders bought the several thousand of the JanW expiring the 10th at the 21.5 and 22 strike.?? So far on the day over 3500 of the 21.5 calls have traded and over 4500 of the 22 calls have traded.
In the process IV has been driven higher across the board incrementally.? IV in Jan is up about .5%.? This while bullish has not moved the markets as aggressively as one might assume suggesting IV?s in that month were already sufficiently elevated.
Traders looking to piggy back should look at buying the 21.5 or 22?s and selling something higher against them, potentially the 23 or 24 calls.