CableVision (CVC) was the subject of a bullish trade Monday, after a 2,500 contract risk reversal in March, selling the $20 puts and buying the $25 calls for a debit of $1.35 per spread. Shares were at $24.60 so this is a less risky reversal, but leverages funds for a move higher in shares.

CVC has consolidated above its 200 week EMA, and are forming a cup and handle with a breakout level coinciding with trend off the multi-year highs resistance at $26. Cablevision implied volatility is near the high end of the last 3 months at 48%. The cable provider trades 14X cash flow and was recently raised to Buy with a $28 target at Kaufman. There has been a lot of M&A talk in cable, and CVC recently posted a triple in profits, so it is a growth player in the industry.