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By Mike Yamamoto

Shares of South American air transportation company Gol Linhas Aereas Inteligentes (GOL) have run like an Olympic sprinter over the last nine months, and this morning we see more bullish action in the calls.

GOL Chart

GOL is up more than 400 percent from its March low, though it is down by 1 percent today to $14.87 and remains below the 52-week high of $16.02 set earlier in the month. Shares are up 50 percent even from the beginning of November.

The Heat Seeker has picked up action in the calls. We see one block of 2000 of the February 15 calls bought for $1.15. While this isn’t huge volume, it is unusual for GOL, which sees an average of only 800 contracts daily. And the open interest at that strike was just $45.

This call buying is looking for GOL to break back above that recent high to levels last seen in early 2008.

(Chart courtesy of tradeMONSTER)

Source: South America's Gol Linhas Draws Calls