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August 1, 2013  Thu 9:26 AM CT

SYMC: SEE CHART GET CHAIN FIND STRATEGIES
A bullish spread dominates today's option activity in Symantec as share push to new highs.

About 12,000 SYMC options have changed hands so far, already twice the daily average over the last month. Almost all of the action is in one trade that appears to be rolling a long-call position to a later-dated, higher strike. (See our Education section)

optionMONSTER's Heat Seeker system shows that a trader sold 4,255 August 26 calls for the bid price of $0.97 against previous open interest of 10,000. At the same time, he or she bought the same number of the September 29 calls for the ask price of $0.18 in volume far above open interest of just 305 contracts at that strike, clearly indicating a new position.

SYMC is up fractionally to $26.71 this morning, its highest level since December 2004. The security-software company gapped up from below $25 yesterday after reporting quarterly numbers. Shares were at support around $22 in late June. 
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Market Level Making You Nervous, Huh? Part 3

In last week's article, we discussed how important the extra cash you save by using the Stock Replacement Strategy over buying the actual stock is! That extra cash in our account instead of being unnecessarily tied up in a stock position allows us to buy the puts we would need to protect our downside in the case of a major sell-off.

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