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Qlik trader adjusts for more gains

Mike Yamamoto (mike.yamamoto@optionmonster.com)

Qlik Technologies has seen upside option action repeated in the last month, and one trader remains bullish on the business-software company.

optionMONSTER's Heat Seeker system detected the sale of 2,000 September 36 calls for $1.15 and the purchase of 2,000 September 38 calls for $1.25. Volume was below previous open interest in the 36s but above it in the 38s, indicating that a position is being rolled up.

This means that the trader is closing the lower-strike calls and paying a net $0.10 to open a new position $2 higher. The new long calls , which lock in the price where traders can buy shares, are looking for QLIK to rally above $38 in the next four weeks but could expire worthless if the stock remains below that level. (See our Education section)

QLIK jumped 6.89 percent in the session to close the week at $34.75. The company reported mixed quarterly results on July 25 and had been trading mostly sideways until surging on Friday.

The name saw bullish call buying in the August 32 strike a few sessions before the earnings report and again in the September 34 contracts the day after the release. QLIK's total option volume on Friday was more than 15 times its daily average for the last month, with calls outnumbering puts by nearly 5 to 1.

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