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By David Russell

Omnicom (NYSE:OMC) is rebounding from a selloff earlier this year, and one trader is taking profits.

OMC ChartoptionMONSTER's tracking programs detected the sale 12,000 March 35 calls for $2.70 against open interest of 1,062 contracts. The trade pushed total options volume in the advertising stock to 36 times greater than average.

OMC fell 0.05 percent to $37.66 Tuesday. The shares fell 12 percent in the first five weeks of 2010 after running into resistance at a key $40 level. Since then, they have found support at the 200-day moving average and rebounded higher.

The trader apparently thinks that OMC has little additional upside, so he/she wrote calls to earn premium and to lock in an exit price on his or her holdings in the shares.

OMC's per-share earnings beat forecasts by a penny the last time the company issued results on Feb. 10. Management predicted revenue growth would turn positive later in the year.

(Chart courtesy of tradeMONSTER)

Source: Call Seller Takes Profits in Omnicom