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By David Russell

Copano Energy (CPNO) fell yesterday after establishing a new 19-month high, and one investor is heading for the exit.

optionMONSTER's tracking systems detected the sale of 24,000 May 22.50 calls for $3.30 against open interest of just 1,412 contracts. The trade pushed option volume in the pipeline company to 87 times greater than average.

CPNO fell 3.29 percent to $25.62 yesterday but is still up about 10 percent in the last month. The stock had traded as high as $26.70 on Monday, a level not seen since the market was collapsing in September 2008.

Selling calls allows the investor to establish an exit price on the stock, a common use of options by institutional shareholders.

CPNO is scheduled to report earnings before the market opens on May 7.

(Chart courtesy of tradeMONSTER)

Source: Trader Sees Copano Hitting a Top