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About 25,000 calls and 6,059 puts traded so far in Merck on Tuesday morning,according to Trade Alert. The top trade is a ratio call spread, in which theinvestor sold 2,000 November $49 strike calls at $1.18 and bought 5,000 November $50 strike calls at 83 cents, said WhatsTrading.com options strategist FredericRuffy. The strategist surmised the activity might be a roll of a position up instrikes after Tuesday's gap higher lifted shares to multi-month intraday highsof $49.23. The October $48, $49 and $50 strike calls on Merck are activelytraded as well and 30-day implied volatility is steady around 18 percent, whichis in the 80th percentile of the 52-week range, Ruffy said.
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