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Trader bets on floor beneath Allstate

As Allstate hits a new four-year high, one trader is betting on a floor under the shares.

The option volume is dominated by one print of 3,200 April 36 puts sold for the bid price of $0.80, according to optionMONSTER's tracking systems. The volume was well above open interest of 846 contracts at the start of the session, clearly indicating a new position.

This put selling is a bet that ALL will remain above $36 through that April expiration. Shares gapped up to that level with its earnings report at the end of July and have never looked back. (See our Education section)

ALL is up 1.36 percent, trading at $41.68, its highest level since October 2008. Shares of the insurance company have been in an impressive, steady uptrend since hitting their 52-week low of $24.10 a year ago.

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