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April 12, 2013  Fri 9:38 AM CT

One investor is adjusting a winning trade General Mills, which has gone parabolic this year.

optionMONSTER's Heat Seeker tracking program detected the purchase of 4,000 October 55 calls for $0.26 and the sale of an equal number of October 50 calls for $1.44. Volume was below open interest in the 50s, indicating that an existing position was closed and rolled to the higher strike.

The trader collected a credit of $1.18 and still has the potential to make bigger profits if the food company keeps climbing. He or she probably entered the trade when the shares were lower and has now recovered the initial investment plus some profits. (See our Education section for more on how options can be used to manage positions.)

GIS is up 0.02 percent to $49.27 in morning trading. It spent about three years trapped between $34 and $40 but is up more than 20 percent since escaping that range in early January.

Total option volume is still below average in the stock today, but calls outnumber puts by a bullish 94-to-1 ratio.
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