$NVDA calls are in the chips again

Bullish option rang the register in Nvidia today for the second session in a row.

On Jan. 2, Investitute’s tracking systems found that 3,500 Weekly $150 calls expiring on Jan. 11 were purchased for $1.04 to $1.14 with shares at $136.91. This was clearly fresh buying, as open interest in the strike was only 549 contracts before the activity appeared.

Those calls traded for as much as $2.31 today, more than twice their purchase prices. The stock 7.21% in the same time frame, showing how quickly options can far outpace gains in their underlying shares on a relative basis.

It was the second winning trade in NVDA posted on Investitute in as many days. Investitute co-founder Jon Najarian cited buying in other January calls on CNBC’s “Halftime Report” yesterday.

NVDA quickly reached a session high of $146.78 early this morning but then pulled back, ending the day down 2.49% to $139.83. The graphics-chip maker bounced yesterday after getting slammed with other semiconductor names and the tech sector in general in recent months.