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July 3, 2013  Wed 4:45 AM CT

DISH: SEE CHART GET CHAIN FIND STRATEGIES
Dish Network is at its highest levels in more than 5 years, and traders are making bullish bets on the satellite-network operator for the second time in less than a week.

About 4,300 September 55 calls were bought for $0.35 in the final half-hour of yesterday's trade, according to optionMONSTER's Heat Seeker tracking system. This is clearly a new position, as open interest in the strike was a mere 30 contracts before the trade appeared.

These long calls lock in a purchase price of $55 for the stock through mid-September no matter how far it might rise. The contracts could be sold at a profit earlier if DISH rallies before then, but they will expire worthless if shares remain below that level. (See our Education section)

DISH slipped 0.63 percent yesterday to close at $42.65 after hitting $43.43 a day earlier, its highest price since November 2007. The company has frequently seen bullish option activity of late, most recently last Thursday after the company withdrew its takeover bid for broadband carrier Clearwire.

Overall calls in the name outnumbered puts by more than 25 to 1 yesterday, a reflection of the session's bullish sentiment.
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