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Which Credit Card Rewards Does the IRS Care About?Someone seems to think shares of Apache (NYSE: APA) could go on the bullish war path. Even after the stock moved up some 18%, from $52 to$61 last week, investors are still after the energy producer.
This morning saw a big slug of the April $70 calls purchased. The notable transaction was 2,000 contracts trading at $1.15 which was the offer price at that point. The stock has continued higher and those calls are now fetching $1.55 a contract.
Apache's chart shows $70 as significant resistance and the price of oil and gas still does not justify new exploration. In fact, companies such as Baker Hughes (NYSE: BHI) and Chesapeake (NYSE: CHK) are all slashing rig counts and capital expenditures.
Maybe the thesis that this drop in production will lead to higher fuel prices and APA does still sit on considerable reserves.
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