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January 2, 2013  Wed 11:05 AM CT

PHM: SEE CHART GET CHAIN FIND STRATEGIES
PulteGroup hit a five-year high this morning, but one trader remains cautious on the homebuilder's stock.

optionMONSTER's Depth Charge system shows that a trader bought 9,800 April 18 puts for the ask price of $1.54. The previous open interest was 2,856 contracts, so this is clearly a new position.

The put buying isn't tied to any trading that we can see in PHM shares today, so it could be an outright bearish play looking for shares to drop to where they were in mid-November. It could also be a hedge against an existing long position in the stock to hedge against such a pullback.

PHM is up 1.76 percent to $18.48. The stock traded as high as $19.01 this morning, its highest level since August 2007. It was below $15 in mid-November and less than half of that a year ago.

Total option volume for PHM is more than 14,000 contracts, which is almost 4 times the daily average in the last month.
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