Patterson-UTI Calls and iShares Investment-Grade Corporate Bond Puts Heating Up

Option traders appear to be setting up for a bullish move on Patterson-UTI Energy Inc. PTEN. Traders plowed into 3,378 new call option contracts -- 10.21 times the average volume -- on the stock on Tuesday. And we know that traders were eager to get into this trade because 94% of the trades came in on the ask price. Patterson-UTI faces resistance just below $17. The stock closed Tuesday at $16.19, up 9.42% during the past month. Option traders also look like they are preparing for a bearish move on iShares iBoxx $ Invest Grade Corp Bond LQD. Traders bought 10,043.00 new put option contracts -- 7.92 times the average volume -- on the stock. A full 100% of these trades also came in on the ask price. See the rest here.