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November 30, 2012  Fri 11:55 AM CT

DECK: SEE CHART GET CHAIN FIND STRATEGIES
Deckers Outdoor has been climbing off three-year lows, and one bullish trader is sticking with the footwear company.

More than 41,000 DECK options already traded today, 3 times its daily average in the last month. More than 15,000 each of the January and March 40 calls have changed hands.

The big print of 12,279 January 40 calls was sold for $2.95 against open interest of more than 40,000, according to optionMONSTER's systems. The March calls were bought for the ask price of $4.70 at volume that was higher than open interest in that strike, indicating new activity.

DECK is down 1.93 percent to $38.01 this afternoon. But the maker of UGG boots has been in a steep upswing since trading down to $28.53, a three-year low, after the October earnings. The stock was above $50 in late August.

The trade could be a calendar spread that would take a maximum profit if DECK is up around $40 at the nearer expiration. But it seems more likely that the trader is rolling a position forward, buying more time and getting greater potential returns by moving the calls out to the March strike.
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