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May 14, 2013  Tue 2:45 AM CT

NOV: SEE CHART GET CHAIN FIND STRATEGIES
National Oilwell Varco slipped yesterday, but one trader apparently believes that further downside will be limited.

optionMONSTER systems show that a trader sold a single block of 5,000 November 65 puts yesterday for the bid price of $4.20. This is clearly a new position, as open interest in the strike was just 896 contracts before the trade appeared.
 
The put selling is a bet that NOV will hold above $65 through expiration in mid-November. The trade can profit, however, with shares anywhere above $60.80 at that time. (See our Education section)

NOV was down 0.85 percent to finish the session at $67.64. Shares of the energy-drilling equipment company have been in a range between $64 and $70 since January.
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Both break outs and a break downs need to have a couple things happen before it is considered a confirmed break out or break down by technical definition!  The only problem is that in today's market where things move much more quicker than they did just a few years ago, two days could wind up being the majority of the expected movement, if not the whole movement.

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