HGG: Bullish Call Activity (now bearish)

Electronics and appliance retailer hhgregg, inc (HGG) announced the opening of ten new stores in the Tampa area this morning. Shares have advanced 50 cents (3.5%) to $16.50.

Call traders are apparently anticipating more upside. In particular, January $17.50 calls show volume of 1,088 thus far versus open interest of 59. We've observed trades at the ask of $1.85 and later $1.95. Less than 100 puts have traded.

HGG recently tested its lower trendline, but there is a lack of other clear support points. The 200 DMA is close to $13.

Update (Sept 8 10:45am): HGG puts are active this morning. In particular, the $15October issues have traded over 6,000 thus far versus open interest of 46. We are observing trades going at the ask of 75 cents, with the stock at $16.80.
Update (Sept 8 11:22am): Put buyers have pushed volume on the $15Oct issue over 8,000 now with trades passing at the ask of 80 cents.

HGG trading History: None.
Current Poisition: None.