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December 18, 2012  Tue 10:34 AM CT

KO: SEE CHART GET CHAIN FIND STRATEGIES
A unusual long-term play is bullish on Coca-Cola.

optionMONSTER systems show that a trader sold 3,000 January 2014 35 calls for $3.52 against open interest of more than 19,000 contracts. At the same time, the trader bought 6,000 January 2015 32.5 calls for $5.91 in volume that dwarfed open interest of 821 at that strike, clearly a new position.

This could be a new diagonal call spread, with the sale of the nearer-term calls to help offset some of the cost of the longer-term calls. Or this could be rolling a long-call position lower to the later-dated contracts in response to the stock's recent declines.

KO is flat on the day at $37.50. The beverage giant was above $40 into early August but has lost ground in the last few months.
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