Bullish Option Order Flow in the Industrial Select Sector ETF

The Industrial Select Sector SPDR

was trading Friday at its highest level in nearly three months and option order flow suggested some investor are looking for this uptrend to continue over the coming weeks. The September 37 calls saw a block of 40,800 purchased at $0.54, more than tripling open interest in that strike, and would need the shares of the ETF to climb another 3.6 percent by September expiration to reap any profits. The September 38 calls have also seen some buying activity with more than 5,000 contracts trading, almost all on the offers of $0.23 and $0.24. Total contract volume at the midpoint of Friday's session had already surpassed the ETF's daily contract average.