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David Russell, reporter for OptionMonster.

Bare Escentuals ( BARE) has flattened after rocketing higher in March and April, but today one investor positioned for another move higher in the cosmetics company.

OptionMonster's tracking systems detected the purchase of 2,500 September 10 calls for $1.30, matched against the simultaneous sale of an equal number of June 7.50 calls for $1.75. Volume exceeded open interesting the September calls and was below open interest in the June calls, which suggests that the trader rolled an existing long position into the future.

The strategy lets the investor recover $0.45 of premium while extending a bullish position in the cosmetics company. Bare Escentuals is down some 2.6% to $8.95 in midday trading. The stock needs to climb another 12% by September expiration for calls purchased today to be worth anything.

Bare Escentuals' earnings and revenue beat analyst forecasts the last time the company reported results on April 29.