) are trading higher on the session by 1.30%, at $23.46. While shares have been sliding lower over the past five months, they have been forming a solid consolidation pattern above the 200-day moving average. Apparently traders see the pattern resolving to the upside soon as calls are very active. Over 15,000 calls have traded on the name versus only 1,000 puts. Macy's, Inc. typically only trades 2,000 to 3,000 calls per session. Both the April $24 and $25 strikes have seen over 5,000 contracts traded; volume exceeded open interest on both. This does not appear to be a call spread as the majority of both lots have been purchased on the offer. The May 2011 $25 and $26 calls are also seeing notable volume. Macy's, Inc. is a retail organization operating retail stores and Internet Websites under two brands that sell a range of merchandise, including men's, women's and children's apparel and accessories, cosmetics, home furnishings and other consumer goods in 45 states, the District of Columbia, Guam and Puerto Rico. As of January 30, 2010, the company's operations were conducted through four retail operating divisions: Macy's, macys.com, Bloomingdale's and bloomingdales.com.