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June 10, 2013  Mon 12:20 PM CT

CCE: SEE CHART GET CHAIN FIND STRATEGIES
For the second time in the last two weeks, the bulls are targeting Coca-Cola Enterprises.

optionMONSTER's Heat Seeker monitoring program detected the purchase of some 2,100 June 37 calls, most of which priced for $0.50. Volume was almost 5 times the previous open interest at the strike, clearly indicating new positions.

These long calls lock in the price where shares can be purchased in the soft-drink bottler, letting investors position for upside at minimal cost. Their cheap price can also result in significant leverage if the shares move in the near term. A gain of less than 3 percent by the end of next week, for instance, would double the investor's money. (See our Education section for more.)

CCE is up 0.24 percent to $37.13 in afternoon trading and has been trending steadily higher since 2009. Its earnings have beaten expectations for at least the last four quarters, and the stock touched an all-time high above $39 in May before pulling back along with the rest of the market.

The shares have been rebounding since they touched their 100-day moving average last week, which could make some chart watchers think that the momentum remains bullish. There was also bullish option activity in the name on May 30.

Some 2,500 contracts have changed hands in the stock so far today, more than quadruple the average volume. Calls outnumber puts by a bullish 8-to-1 ratio, according to the Heat Seeker.
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