By Mike Yamamoto ofaOptionMonster NEW YORK -- Option traders are looking for GameStop to rally by Thanksgiving.a About 5,400 November 43.50 calls were purchased for $1.35 to $1.67 on Friday, according to OptionMonster's Heat Seeker tracking system. The volume dwarfed the strike's previous open interest of just 145 contracts, showing that this is fresh buying.a These long calls lock in the price where the stock can be purchased through mid-November, allowing buyers to position for gains at limited cost. They could be sold earlier at a profit if premiums rise with a rally before then, providing potentially significant leverage, but the contracts will expire worthless if shares remain below $43.50.a GameStop gained 1.87% to $42.03 on Friday. The stock climbed above $45 in mid-September but then fell to $36 with the broad market selloff before bouncing last week.a The video-game retailer hasn't announced the date of its next quarterly results, but they are expected to come out the week before the November options expire.a Total option volume in GameStop topped 13,000 on Friday, about 55% higher than its daily average for the last month. Overall calls outpaced puts by more than 2.5 to 1.a Yamamoto has no positions in GME. a a
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