Assuming this trade was a ratio spread, the trader might have sold 58, 000 October 4 puts, thus creating a two-to-one ratio with the purchased 29, 000 October 5 puts.

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The combination of long stock and debit put spread positions the trader to make money on the upside if shares in Cree continue to rally, while also providing downside protection in the event of a pullback through February expiration.

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In order to have a corresponding ounce-to-ounce spread trade in the futures market, a trader who is looking for the spread to narrow would buy two 50-ounce platinum futures contracts and simultaneously sell one 100-ounce gold futures contract.

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According to data from Trade-Alert.com, one trader opened a bull call spread using the November 26 and 31 strikes.

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According to data from Trade-Alert.com, one trader opened a bull call spread using the January 2012 20 and 17.50 strikes.

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There is also the possibility that the trader was opening an in-the-money bear call spread.

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Alternatively, the trader may be cautiously optimistic on the pharmaceuticals giant, establishing the put spread to hedge a long position in the underlying shares.

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The trader significantly decreased the cost of taking a directional stance on the stock by employing a call spread instead of buying the closer-to-the-money calls outright.

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