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August 1, 2013  Thu 3:47 AM CT

Accenture gapped lower in June, and the bears came back yesterday.

optionMONSTER's Depth Charge monitoring system detected the purchase of about 3,700 September 72.50 puts for $1.45 and the sale of a matching number of September 70 puts for $0.85. Volume was more than 19 times open interest at each strike, indicating that new money was put to work in both.

The strategy cost $0.60 and will earn a maximum profit of 317 percent if the IT consultancy closes at or below $70 on expiration. It's known as a vertical spread because it leverages a move between two prices in the same expiration month, in this case $72.50 and $70. (See our Education section)

ACN was up fractionally at $73.81 yesterday. It touched an all-time high of $84.23 in May but has been trending lower since. Its last earnings report beat expectations, but the shares cratered after management cut full-year guidance.

Total option volume was quadruple the daily average in the name, according to the Depth Charge. Puts outnumbered calls by a bearish 11-to-1 ratio.
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