Calls Purchased on Reliance Steel & Aluminum (RS)

Shares of Reliance Steel & Aluminum RS are higher on the session by 0.72%, currently trading at $53.00. The stock has been moving largely higher over the past six months is currently trading above the 50-day and 200-day moving averages. Options traders are buying calls on the name today. A short while ago the January 2011 $55.00 call was purchased 1,200 times, on the offer, on open interest of only 593 contracts. This signals new positioning on the name. Overall call volume is now running at 8.03x the daily average with 86% of all calls traded being purchases on the offer. Reliance Steel & Aluminum Co. is a metals service center company. The company's network of metals service centers operates more than 200 locations in 38 states, Belgium, Canada, China, Mexico, Singapore, South Korea and the United Kingdom.