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July 31, 2013  Wed 3:16 AM CT

A large trader is positioning for a big move up or down in consulting firm Booz Allen Hamilton, which reports earnings this morning.

optionMONSTER's system detected the purchase of 8,000 September calls in one block for $0.85 on a wide bid/ask spread yesterday. This is clearly a new position, as previous open interest in the strike was a mere 2 contracts before the trade appeared.

A little more than a minute later, 292,300 BAH shares sold for $18.97. Combined with the long calls, that would make for a delta-neutral play that is looking for higher volatility and/or a sharp move in the stock by expiration in mid-September. (See our Education section)

BAH gained 2.55 percent to $19.32 after peaking at $19.50 earlier in the session, its highest levels in two years. The management and technology consulting company is up more than 50 percent since March.  

The name saw 8,276 options trade overall yesterday, compared to total open interest of 788 and a daily average of just 2 contracts in the last month.
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