By David Russell
Adobe Systems (ADBE) dropped along with the rest of the market on Friday, but one investor is still bullish.
optionMONSTER's Heat Seeker tracking system detected the purchase of about 8,500 March 35 calls for $0.64 and the sale of an equal number of March 29 puts for $0.27. Volume was more than 69 times open interest in both strikes.
ADBE is up 1.54 percent to $32.99 in early afternoon trading. The software company has rallied 17 percent since mid-December, fueled by a strong earnings report and first-quarter outlook.
Today's option trade essentially mimics ownership in the stock. It cost $0.37 and will make money if the shares rally above $35.37 but wil lose money below $29. If the stock is between those two levels on March 18, the position will expire worthless.
Overall option volume in ADBE is triple the daily average so far today.
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