Avon Products tried to bounce yesterday, but traders apparently have major doubts that it can sustain a rally.

optionMONSTER's tracking programs detected the sale of about 10,000 January 15 calls for $0.55 and $0.60. Volume was almost 9 times open interest at the strike.

Those investors are now obligated to sell about 1 million shares in the cosmetics company if they close above $15 on expiration. They probably already own the stock and would be happy to exit for that amount. Including the credit earned, their sale price would be $15.55 to $15.60. (See our Education section)

AVP rose 1.28 percent to $14.28 yesterday but has lost 13 percent of its value in the last month. The stock bounced around $15 several times earlier this year before falling through that level in November. That could be leading some chart watchers to expect it to become resistance and help explain the call selling at that level yesterday.

It's down to its lowest levels since 2000 amid weak earnings, government probes, and turbulence in the executive suite. Traders may also believe that rallies will be sold until signs of a turnaround are more evident.

AVP's total option volume was 5 times greater than average in yesterday's session.

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