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• BIIB 100% Rate It

Biogen Idec has been going straight up, and the bulls apparently think that it's going to keep on running.

optionMONSTER's Heat Seeker tracking system detected the purchase of 2,000 October 165 calls for $1.10 and the sale of an equal number of October 130 puts for $4. Volume was above open interest at both strikes, indicating that these are new positions.

The trader collected a credit of $2.90 and stands to earn infinite profits if the drug maker continues to push higher. He or she will be forced to buy shares if they fall below $130 but may be comfortable with the risk because that level was resistance in April and became support the next month.

BIIB rose 0.49 percent to $143.16 yesterday and is up 30 percent so far this year. The company has been steadily trending higher amid strong results and as investors await approval for its potential muscular sclerosis drug, BG-12. The next earnings report is scheduled for the morning of July 24.

The bullish trade pushed overall option volume in the name to 4 times greater than average in the session.

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