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• Put buyer takes other side of gold trade
• Strategy looks for more gains in HCA

The market is holding its breath for the Supreme Court to rule on Obamacare as early as tomorrow, and one investor is nervous about Coventry Health Care.

optionMONSTER's Depth Charge monitoring program detected the purchase of 5,000 July 32 puts for $1.15 and the sale of an equal number of July 28 puts for $0.20. Volume was more than 9 times open interest at both strikes.

The trade cost a net $0.95 and will earn a maximum profit of 321 percent if the health-insurance stock closes at or below $28 on expiration. (See our Education section for more on the strategy, which is known as a bearish put spread because it leverages a move between two prices.)

CVH is down 0.57 percent to $33.34 today but up more than 7 percent so far this month. In two days, the Supreme Court is expected to rule on national-health insurance rules that will dramatically affect the company's business. Today's bearish trade is probably the work of an investor who wants to protect his or her position in the stock against an unfavorable opinion.

Overall option volume is 9 times greater than average in the session, according to the Depth Charge. Puts outnumber calls by more than 200 to 1.

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