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October 22, 2013  Tue 3:47 AM CT

Someone apparently thinks that Accenture is going nowhere in a hurry.

optionMONSTER's trade scanners detected the purchase of 4,750 January 82.50 calls for $0.45, followed almost immediately by the sale of some 4,500 January 2015 85 calls for $2.75. Volume was below open interest in the shorter-dated contracts, indicating that an existing short position was closed and rolled forward in time.

The investor probably owns shares in the IT consultancy and has been selling upside contracts as part of a covered-call strategy. Adjusting the trade yesterday let him or her collect about $2.30 while staying in the investment for an additional year. The price at which he or she must eventually exit was also raised by $2.50. (See our Education section)

ACN was up 0.89 percent to $73.53 yesterday. While it peaked at $84.22 in May, the shares are negative since the spring because the last two earnings reports have missed estimates.

It's noteworthy that the investor is selling calls at the $85 level because it's near the record high, a classic example of how big institutional investors deploy option strategies according to key chart levels. In addition to the income from selling the calls, the investor also stands to collect ACN's 2.6 percent dividend yield.

More than 23,000 contracts changed hands in the name yesterday, some 10 times its average volume in the last month.

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