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August 30, 2013  Fri 3:57 AM CT

Momentum traders are looking for more upside in Schlumberger.

optionMONSTER's Heat Seeker monitoring system detected the purchase of 5,000 October 85 calls for $1.54. Similar numbers of contracts were sold at the same time in the October 75 puts for $0.78 and the October 90 calls for $0.43. Volume was more than triple open interest at all three strikes, indicating that new positions were established.

The transaction cost $0.33 and will earn a maximum profit of 1,415 percent if the oil-services stock closes at or above $90 by expiration. The investor also stands to lose money if it drops below $75. See our Education Section for more on the complexities of the strategy, which combines put selling with a vertical spread.

SLB fell 1.31 percent to $81.60 yesterday. The stock spent almost two years trapped below $80, but exploded through that level in July following a strong earnings report and has been consolidating above it ever since. Thursday's trade looked for the bullish momentum to continue in coming weeks

Total option volume was quadruple the daily average, according to Heat Seeker.

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