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In Tuesday's trading, insurance issue Conseco (CNC – 8-1/4) moved ahead by over nine percent to reach its highest intraday level since July 28. This upswing was supported by the stock's 20-day moving average. The shares are now trading just below their 10-week moving average, a trendline they haven't closed a week above in a month.
In CNC's options pit yesterday, investors showed their belief that the equity has more upside potential over the near term. Open interest on the out-of-the-money September 10 call increased from about 1,600 contracts to 2,678 contracts.
Schaeffer's put/call open interest ratio (SOIR) on CNC has decreased recently, another indication that traders are showing more optimism toward the security. On August 21, the shares' SOIR stood at 0.95. Today's SOIR for the stock is 0.77. Check out Schaeffer's Daily Sentiment to learn more about SOIR.