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July 16, 2013  Tue 9:32 AM CT

ATHN: SEE CHART GET CHAIN FIND STRATEGIES
Athenahealth has soared in recent days, but one trader apparently believes that further gains will be limited.

optionMONSTER's tracking systems detected the sale of 4,316 July 115 calls for the bid price of $2.60. The volume was more than 4 times the previous open interest, showing that this is a new position.

The call selling is a bet that ATHN has seen a near-term top and will not move much above $115 before expiration at the end of this week. The calls may well be sold against long shares as a covered-call position. (See our Education section)

ATHN is down 1.7 percent to $112.35. It jumped as high as $116.18 yesterday. The medical-billing firm gapped up on Friday from below $92 after it entered an agreement with Clinical Holdings, a physician-services company.
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Market Level Making You Nervous, Huh? Part 3

In last week's article, we discussed how important the extra cash you save by using the Stock Replacement Strategy over buying the actual stock is! That extra cash in our account instead of being unnecessarily tied up in a stock position allows us to buy the puts we would need to protect our downside in the case of a major sell-off.

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