Cameron International bounced at $70 earlier this month, and traders think that level will remain support.
optionMONSTER's tracking systems detected the sale of some 5,000 September 70 puts on Friday for $0.75. Volume was quadruple previous open interest a the strike, which indicates a new position was initiated.
The investor is on the hook to buy shares in the oil-services company for $70 if they're below that level on expiration. But above it, the puts expire worthless and they'll keep the premium as profit. See our Education section for more on the risks and benefits of writing protection.
CAM rose 0.43 percent to $72.63. It shot to an all-time high above $74 in late July thanks to a strong earnings report. The stock then pulled back and bounced just below $70 on Aug. 1 and 4, which could make some chart watchers expect it to provide support going forward.
Total option volume was 5 times greater than average in the session.
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