Homebuilder stocks have been red hot since the market lows, and options traders think the rally can grow after Toll Brothers reports earnings.
volume as traders looked to position themselves ahead of what could be a make-or-break report for the space, but the most active contract of the day reflected plenty of bullish sentiment.
"The most active options were the September 46-calls," said Khouw. "About 3,000 of those traded for about $2.25. Buyers of those calls are obviously betting that the earnings news, and everything that follows going into September expiration, will be positive and the stock will be at least 5% higher in the next four weeks."
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