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• L-3 Communications breaks key level
• Unusual ITT play exploits industry panic

• BBD 100% Rate It

Banco Bradesco is trying to bounce, and one investor apparently believes that the bottom is in.

optionMONSTER's tracking systems detected the sale of 7,000 September 15 puts for $0.92 against open interest of 5,320 contracts. The trade accounted for almost all the volume in the Brazilian lender so far today.

The put sale appeared after the company reported modest profit growth for the first quarter.

BBD fell 0.31 percent to $16.26 yesterday trading and is down 10 percent in the last month. However, it has been holding the same $16 level where it bounced in mid-December, which could make some chart watchers think that support is in place.

If they're correct, the puts will expire worthless and the traders will keep the credit earned. Given that the contracts sold were at the $15 strike, they have further leeway built into the position in case it drops. (See our Education section)

Overall option volume in BBD was 5 times greater than average yesterday.

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