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January 13, 2012  Fri 12:09 PM CT

CTRP: SEE CHART GET CHAIN FIND STRATEGIES
Ctrip.com popped this morning, and the bulls are looking for more.

optionMONSTER's Heat Seeker tracking system detected the purchase of more than 2,800 January 26 calls for $0.25 to $0.35. Volume was almost 5 times open interest in the strike.

CTRP is up 2.27 percent to $24.35 in afternoon trading and at one point was up more than 8 percent. The Chinese online travel agency reported weaker-than-expected earnings and revenue the last time it issued results on Nov. 14. Guidance was also weak.

Nonetheless, in the last month, the stock has been stabilizing above $22 after plunging roughly 50 percent since the end of July.

The date of the next earnings release hasn't yet been announced, but it will probably be in mid-February, based on last year. Given that those January 26 calls expire at the end of next week, today's buyers are looking for a run even sooner.

Overall option volume is 7 times greater than average so far today, with calls outnumbering puts by 6 to 1.
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