Is A Reversal Coming?

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Endeavour International Corporation (END) is an oil and gas exploration and development company in the U.S. and the U.K. The company’s stock is currently trading around $5.15 in a 52 week range of $2.36-$7.50. The stock has been doing very well over the past year with shares rallying over 112% over the past 12 months. Huge call buyers during today’s trading session seem to think this trend will continue through September expiration. Today a trader bought 40,000 END Sep 5 Calls for $1.30. This is an extremely bullish trade that required this trader to lay out $5.2 million in premium. This block also represents volume over 26 times the average daily option volume in END. Although the chart is rather weak we believe that order flow this significant justifies a long in END.

Andrew Keene
http://keeneonthemarket.com

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