At the time of this writing Tesoro Corp. was trading at 58.23 and seeing heavy call action on slightly in-the-money calls.? A customer bought just over 13500 of the Nov 57.5 calls paying mostly 4.85.? The stock was below 58 at the time.? This is a volatility of just over 30.

This trade should be viewed as aggressively bullish and speculative.? The customer believes that by NOV TSO will be trading above 62.35.? This trade is bullish volatility as well.? Traders looking to piggy back this trade could look at slightly longer duration calls in January at the 60 strike.