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• CMCSK 0% Rate It

Comcast is back to a 12-year high, and one investor apparently thinks that it might continue to climb.

optionMONSTER's tracking programs detected the purchase of 3,500 August 32 calls on the company's special non-voting shares for $1.53 and the sale of an equal number of September 35 calls for $0.30. Volume was below open interest in the Augusts but not September, which suggests that an existing position was rolled from one contract to the other.

The investor probably owns shares and had previously sold the 32s as part of covered call strategy. That let them collect cash up front, in return for fixing an exit price at a specified level in the future.

CMCSK is up 2.19 percent to $33.55 this morning and more than 40 percent since the start of January. The cable and media company has consistently reported strong results and has benefited from a bias in the market toward defensive names such as utilities and telecoms.

Today's trader seems to be using the short calls as a hedge, reducing the volatility in their portfolio. Rolling the position higher lets him or her collect an additional $3 of upside on the stock. In return, the trader paid $1.23 and agreed to remain in the name for an additional month. (See our Education section)

Overall option volume in CMCSK is 7 times greater than average so far in the session.

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