In this scenario the trader is happy to pocket the rich premium available on the options given the length of time to expiration and increase in implied volatility on top of the sharp rise in the price of the underlying.
The changes, to take effect on April 25, 2013, will permit passengers to carry folding pocket knives with blades up to 2.36 inches (6 centimeters) in length, as well as sporting equipment such as lacrosse and hockey sticks and golf clubs.