Calls Purchased on Eaton Corp. (ETN)

Shares of Eaton Corp. ETN are lower on the session by 0.91%, currently trading at $73.77. The stock has been drifting lower throughout May and June, but appears to have broken its downtrend this week. The stock is hovering around the 50-day moving average currently. Options traders are betting on a further breakout to the upside. The October $85 call was purchased on the offer 2,200 times earlier in the session; open interest on the strike is only 1,342 contracts, suggesting new, bullish positioning. Call volume is now running at 2.3x the daily average. Eaton Corporation is a diversified power management company. The Company is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.