There appears to be little fortune in Fortune Brands (NYSE: FO) for options trading investors. The eclectic FO provides sporting equipment, liquor distribution and home repair and security products.

FO is up fractionally to $64.76 this morning, adding to gains over the last week that saw the stock bounce off support at $62. The three-year closing high of $65.08 was set a month ago, and the $65 level has been resistance since.

One option trader apparently thinks that resistance will hold up. Fortune’s average daily option volume is 240 contracts, but 2,900 have already traded less than half an hour into today’s session. Virtually all of that volume is in the FO June 65 Calls.

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The largest print of 2,740 contracts was sold for $0.80, the ask price on a wide spread. The previous open interest at that strike was 1,029, so this is a new opening position.

We don’t see any corresponding trades in FO shares today but given how close to the money this strike is, it seems likely that these calls were sold against an existing long stock position as a covered call position. The covered call strategy is the most widely used options strategy and can provide income in sideways markets.

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