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May 16, 2013  Thu 3:16 AM CT

CCE: SEE CHART GET CHAIN FIND STRATEGIES
Coca-Cola Enterprises posted a record-high close yesterday, and one investor is repositioning for even more gains.

optionMONSTER's Heat Seeker system shows that a trader sold 1,628 May 39 calls for $0.28 and bought the same number of June 40 calls for $0.38. Volume was below the previous open interest in the May strike but above it in the June contracts.

This indicates that the trader is closing the nearer-dated contracts, which expire at the end of tomorrow's session, and is opening a new long-call position in June. That provides another month for the trade to work, and the higher strike means that the investor believes that the stock will continue to rise above $40. (See our Education section)

CCE rose 2.68 percent yesterday to finish at an all-time closing high of $39.14, just off its session peak of $39.17, which was its highest intraday price since December 1998. The beverage company's stock had been trapped in a range since mid-March but broke out on Tuesday, and the momentum continued yesterday.

Overall option volume in the name surpassed 9,000 contracts yesterday, more than 17 times its daily average for the last month. Calls outnumbered puts by 26 to 1.
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