Caesars Entertainment Corporation (CZR) is Las Vegas based casino and resort facility operator. At the time of this post (12:30PM CST), CZR is currently trading at 11.74, up 8.70% on the day. Despite today’s impressive move higher on a bounce off of 10.00 level support, the stock still remains well within the lower portion of its 52 week trading range of 8.51-26.74.

Earlier this morning at approximately 11:22AM CST, OptionHacker detected and flagged some unusually bullish options activity in CZR as a trader stepped in and bought 4,531 of the Apr ’15 13.0 strike calls, paying well above the ask at 0.48 per contract. Going off against almost no open interest at all in the strike, we can be confident that this was an opening bullish position looking to profit from continued upside in CZR as buyers attempt to push share prices higher back towards 15.00 resistance on the daily chart by the April monthly options expiration. With an initial cash outlay of about $217,488 before commission costs, this trader has been rewarded almost immediately after this timely purchase, as CZR continues its upward climb on the day and the option prices continue to rise. Already we have seen this contract printing as high as 0.75 just an hour after OptionHacker flagged the initial unusual call purchase, and with just over 50 days remaining before expiration, this position has already established a significant profit buffer, meaning this trader will likely be looking for more upside as we move forward into the coming months. We will be monitoring CZR accordingly as it continues its rebound off of the year’s lows.

Trade: Trader bought 4,531 CXR Apr 13 calls for $0.48
Risk: $48 per 1 lot
Reward: Unlimited:
Breakeven: $13.48

These calls have already traded as high as $0.80 on the day making this an extremely profitable trade.

Regards,
Andrew Keene
President/Founder KeeneOnTheMarket.com

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