Monday’s session saw the thinnest option volume of 2014, off 40% from the daily average, as Wall Street traders appeared to have opted for an extra day in the Hamptons.  CBOE’s SPX closed 1871.89 while VIX futures were 15.25 at the closing bell. 
 
Nonetheless, at least one trader showed up, buying 1,749 Calpine Corporation (CPN) May 22 strike Calls for $0.60.  With the potential to control 174,900 CPN shares, this $100,000 investment will be at break-even should shares trade above $22.60 at May expiration.  CPN were bid in the morning when we saw the call buyer come in, trading as high as $22.47.  The stock has traded in a 52-week range of $18.46-$22.47, and Monday saw Calpine announce the sale of 6 natural gas power plants in the southeast for $1.57 billion.
 
Calpine bulls take note — the company owns the largest geothermal resource in the world, with a capacity exceeding 700 MW.  Located in California, the divestment in Southeast natural gas resources could signal a shift in focus to developing geothermal resources.
 
Calpine is scheduled to report earnings on Thursday, May 1, before the opening bell.