Cameron draws slow-money play

optionMONSTER

One big investor is milking income from Cameron International, which has been trying to rebound from an October selloff.

optionMONSTER's tracking programs show the purchase of 2,059 January 47 calls for $11.80 and the sale of an equal number of August 52.50 calls for $9.50. Volume was below open interest in the January contracts, so it appears that an existing short position was adjusted.

The trader probably owns shares in the provider of energy-field services and previously sold the Januarys as part of a covered-call strategy . Today they rolled the position out in time and up in price, raising their exit price in the stock by $5. Making the adjustment cost $2.30 and obligates the inveator to remain in the position for an additional seven months. (See our Education section)

CAM is up 0.15 percent to $58.80 in morning trading. It fell hard two months ago after results missed expectations and management issued weak guidance, but the shares have been working their way higher since. The name also saw bullish call buying last week .

Total option volume is almost twice the daily average in the name so far today.

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