UAUA – UAL Corporation – The Chicago-based owner and operator of United Airlines appeared on our ‘most active by options volume’ market scanner late in the trading session. UAUA’s shares increased nearly 6.00% in the first half of the trading day to secure a new 52-week high of $24.28. The airline operator’s shares are currently up 4.40% at $23.92 with 15 minutes remaining before the closing bell. One optimistic options strategist appears to have initiated a bullish risk reversal, selling 4,750 puts at the September $17 strike for a premium of $0.78 each, and buying the same number of calls at the higher September $27 strike for a premium of $1.63 apiece. The net cost of the transaction amounts to $0.85 per contract and prepares the responsible party to profit if shares of the underlying stock jump 14.7% over the new high of $24.28 to surpass the effective breakeven point to the upside at $27.85 by September expiration.