Puts Sold in Blue Coat Systems

Blue Coat Systems (NASDAQ: BCSI), which sells a family of proxy appliances and related software and services, is receiving a bullish put trade this morning in the form of a put sale. The June $30 put (the at-the-money put no less) was sold 1,210 times on the bid a short while ago. Open interest on the line is 1,796, indicating that a long put holder is selling out of their position; this is more than likely due to the fact that the stock has fallen from nearly $36 in only two weeks.

Blue Coat Systems is now trading between the 50 and 200-day moving averages. Technical theory, and the above trade voices the same opinion, says that the stock should find some intermediate term bullish support around this level.