Show of support in Coeur d'Alene Mines

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Coeur d'Alene Mines is at the lower end of a three-month range, but one trader is betting that the stock won't collapse anytime soon.

Two blocks of 2,000 June 21 puts for $1.45 and $1.50 this morning, according to optionMONSTER's tracking systems show. The volume was double the strike's open interest of 991 contracts, showing that this is a new position.

CDE is up 1.36 percent to $22.30 this morning, trading at its 200-day moving average. The silver and gold miner gapped down from above $30 after its last earnings report in early November and has been trading mostly between $22 and $25 since then.

The put seller is looking for CDE to stay above the $21 strike price through expiration in mid-June. If the stock falls below that level, the trader will face the obligation to buy shares at effective prices of $19.55 and $19.50 when the credit from the put sale is included. (See our Education section)

The trade made up almost all of today's volume in the name, which totals 2,131 contracts so far in the session. The company's next earnings report is scheduled for Feb. 21.

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