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Show of support for Cobalt Energy

Chris McKhann (chris.mckhann@optionmonster.com)

A trader is looking for Cobalt International Energy to hold current levels in the next month.

More than 6,000 December 22.50 puts have traded so far today, with the largest print of 4,750 sold for the bid price of $1.10. That was above previous open interest of 4,613 contracts, so this is new activity.

The put seller is looking for CIE to hold above $22.50 through expiration in mid-December. The trader takes on the risk of having to buy shares if they are below that level. (See our Education section)

CIE is up 1.15 percent to $22.91 in late morning trading. The oil-exploration company dipped to $21.74 on Wednesday, its lowest price since a year ago. Shares were at a high just above $30 in early August.

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