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January 8, 2013  Tue 2:45 AM CT

COCO: SEE CHART GET CHAIN FIND STRATEGIES
A bearish position is targeting Corinthian Colleges as it tries to break out of a six-month range.

optionMONSTER's Depth Charge system detected the purchase of 5,050 August 3 in large blocks for $0.75. There was no open interest in the strike at the start of the session, so this is all new positioning.

COCO fell 6.43 percent yesterday to close at $2.62 after rising above its 200-day moving average on Friday for the first time since early July. The for-profit education company has been trading in a tight range for the last six months, mostly between about $2 and $2.90.

Yesterday's puts were not tied to any stock trading identified by our systems during the session, though they could be hedging long positions established earlier. The traders could also be making a straight bearish bet that the stock will fall below $2.25 by expiration in mid-August. (See our Education section)

The put buying made up the bulk of the 6,068 total option volume in COCO, which has averaged just 150 contracts a day in the last month. Only 310 calls changed hands all day, a reflection of the bearish sentiment.
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