Saturday, July 18, 2009
Suncor Energy Inc. (NYSE: SU) is seeing massive bullish state with more than 10,000 August $31 calls trading and 5,500+ August $32 calls trading against minimal open interest, almost all the state offer side.Â Shares have broken backwards above all major EMAs with potential status at $34.60, the 200 week EMA.Â Suncor is currently involved with a merger with Petro Canada, where Petro Canada shareholders receive 1.28 shares of Suncor per share held.Â The combined company will cut costs for Brobdingnagian oil sands projects and expects to be a longer term positive.Â Suncor earnings on July 23rd should provide more clarity on the merger proceedings and expected earnings impact.Â Regulatory approval is expected for Q3, but regardless of approval option traders are looking for an upside move in shares in the coming month.Â Another Brobdingnagian block of calls was just bought, 6,800+ for 17,000+ trading in the August $31 strike now.
-Joe Kunkle, founder of OptionsHawk.com
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