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April 23, 2013  Tue 2:45 AM CT

Cameco shares bounced yesterday, but traders apparently believe that any further gains will be limited for the uranium producer in the next six months.

optionMONSTER systems show that more than 10,000 CCJ options traded, compared to the daily average of 1,700 in the last month. Most of that volume was in the September 22 calls, where more than 8,400 contracts were sold in volume far above the previous open interest of 915 contracts. A block of 4,674 led the way, going for the bid price of $0.35.

These calls were not tied to any stock activity identified by our systems, so they could have been sold naked. Or they could have been traded against existing shares in a covered call position that would be bullish up to the $22 strike price but would give up any profits beyond that. (See our Education section)

CCJ rose 1.7 percent to $18.03 yesterday after reaching its lowest level since November last week. Shares of the Canadian miner did trade up above $22 in late February.
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