Paper bought 15000 CY Feb 8 calls for .95, tied to stock.
Cypress Semiconductor Corp, CY, was trading at 8.50 with an IV of 59.04% with an HV10 of 41.30%, is seeing lots of call action.? The stock with an ADV of 7,200 options and an OI of 289,000 contracts is seeing heavy call action, specifically a customer bought the CY Feb 8 calls for .95, tied to stock.? In total the customer bought 15,000 of these calls.? In addition there is there is additional call action on the Feb 9 calls with customers buying those through auto execution.
This customer while doing the trade tied up, still wants CY to rally from the current position and do so between now and February expiration.? This is a play on the stock rallying and IV being firm or going up.
Trade should be considered aggressively bullish volatility, and somewhat bullish CY stock.