KeeneOnMarket
Long

Trader Buys Calls as CPN Rips Higher

NYSE:CPN   CALPINE CORP
124 0 0
Calpine             Corporation, a wholesale power generation company, owns and operates natural gas-fired and geothermal power plants in North America. Today a trader bought over 2,500 CPN             May 22 Calls for $.60 debit. This trader has the right, but not obligation to buy 250,000 shares at $22 between now and expiration. I got into this trade a little too late, but I think CPN             can move higher as the options activity that we saw was 30 times the usual volume it trades in a day. I think that CPN             can trade north of $23, so I bought the CPN             May 22 Calls for $.80 debit. Lets break down this trade.

The Trade: I bought the CPN             May 22 Calls for $.80
Risk: $80 per 1 lot
Targets: $.95, $1.10, and $1.25

Greeks of this Trade:
Delta: Long
Gamma: Long
Theta: Short
Long: Vega            
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