Trader sees Copano hitting a top

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CPNO Chart Copano Energy fell yesterday after establishing a new 19-month high, and one investor is heading for the exit.

optionMONSTER's tracking systems detected the sale of 24,000 May 22.50 calls for $3.30 against open interest of just 1,412 contracts. The trade pushed option volume in the pipeline company to 87 times greater than average.

CPNO fell 3.29 percent to $25.62 yesterday but is still up about 10 percent in the last month. The stock had traded as high as $26.70 on Monday, a level not seen since the market was collapsing in September 2008.

Selling calls allows the investor to establish an exit price on the stock, a common use of options by institutional shareholders.

CPNO is scheduled to report earnings before the market opens on May 7.

(Chart courtesy of tradeMONSTER)




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright © 2010 OptionMonster® Holdings, Inc. All Rights Reserved.


This article appears in: Investing , Options

Referenced Stocks: CPNO

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As of 12/24/2014, 02:12 PM


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