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January 8, 2014  Wed 11:13 AM CT

IRM: SEE CHART GET CHAIN FIND STRATEGIES
Iron Mountain is trying to work its way higher, and the bulls are sticking with the name.

optionMONSTER's Heat Seeker monitoring program detected the purchase of 7,041 April 27.50 calls for $3.80 and the sale of an equal number of January 27.50 calls for $1.95. Volume was below open interest in the January contracts, which suggests an existing position was closed and rolled forward in time.

Long calls lock in the price where a stock can be purchased, letting investors cheaply control upside in the shares. Adjusting the trade cost $1.85 and extended the bullish bet by an additional three months. (See our Education section)

IRM is down fractionally to $28.70 midday trading, erasing earlier gains. The document-shredding company peaked above $39 last May on hopes that it would convert into a real-estate investment trust, only to gap lower the next month when the transition fell through. Shares consolidated through November and have been grinding higher since.

Total option volume in the name is quadruple the daily average so far today, according to the Heat Seeker. Overall calls outnumber puts by a bullish 10-to-1 ratio.
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