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March 27, 2014  Thu 4:34 AM CT

Newer technology names have been under pressure, but yesterday's activity was bullish in old tech leader Hewlett-Packard.

optionMONSTER's tracking program detected buyers in the August 35 calls for $1.36. More than 11,000 contracts changed hands in the session, about 6 times previous open interest. Similar trades occurred earlier this week in Microsoft and Cisco Systems.

Calls lock in the price where a stock can be purchased, letting investors leverage a rally at low cost. They also help reduce losses because only a small amount of capital is at risk. (See our Education section.)

HPQ was up most of the session but closed down 0.64 percent to $32.35. It's been ripping since bouncing at its 50-day moving average two weeks ago. Wednesday's trader now has plenty of time, going out to the summer, for the shares to keep running.

Almost 38,000 calls traded against barely 11,000 puts, so it was definitely a bullish session. Total option volume as more than twice the daily average.

DISCLOSURE: I own HPQ calls

(A version of this post appeared on InsideOptions Pro on Wednesday.)
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