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December 18, 2013  Wed 12:20 PM CT

EA: SEE CHART GET CHAIN FIND STRATEGIES
Electronic Arts has pulled back hard, and now the bulls are playing the video-game maker from the long side.

optionMONSTER's Heat Seeker monitoring program detected the purchase of some 5,000 March 25 calls for $1.12 and the sale of an equal number of March 29 calls for $0.32. Volume is more than 7 times open interest at both strikes, indicating that new money was put to work on the long side.

Known as a bullish call spread, the trade cost $0.80 and will expand to $4 if the stock closes at or above $29 on expiration. That would be profit of 257 percent from the shares moving just 28 percent. The game developer hasn't seen $29 since the market collapsed in late 2008. (See our Education section for more on the potential leverage of options.)

EA is up 0.82 percent to $22.93 in afternoon trading. It more than doubled between August 2012 and August 2013, then fell sharply through the beginning of this month. The last earnings report in October beat expectations, but revenue guidance disappointed.

The stock hasn't traded over $28.13 since late 2008, so today's trader is looking for new highs by the spring.
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