Yesterday, I discussed heavy call activity on Force Protection . The defense-sector stock is the subject of some seriously mixed sentiment on Wall Street; while option traders are overwhelmingly bullish (the stock's Schaeffer's put/call open interest ratio is 0.31), short sellers are betting in droves that the shares will decline (FRPT's short-interest ratio checks in at 16.3 days to cover).

In Wednesday's Option Activity Alert, I noted that the 23 level could provide some resistance for the shares. As if to spite me, the stock closed yesterday at $23.80. However, today's trading has the stock sitting on a 5-plus percent loss, right at $22.50. This is not necessarily indicative of Force Protection's weakness at 23, though; some broad-based selling pressure could be partially to blame for the decline, and FRPT's 20-day moving average stepped up to contain today's losses. Either way, this is definitely a level for FRPT bulls to keep an eye on.