AAPL Apple Computer up 6% on earnings (chart). Schaeffer's reported heavy call volume ahead of the report. For novices reading along, calls are a bet that stock is going higher, puts are a bet that the stock is going lower. In this case the earnings report was good enough so that almost all the call buyers made money, in some cases a lot of money.
Sentiment indicators such as call volume are one indicator. Like any indicator, they sometimes work, sometimes don't work.
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