IGT – International Game Technology – Long-term bullish trading activity took place on the manufacturer of electronic gaming equipment and systems today despite the 0.60% decline in the price of the underlying shares to $18.56 as of 12:45 pm (ET). One optimistic options strategist enacted a three-legged combination play involving both calls and puts to position for a sharp rebound in IGT’s shares by January 2011 expiration. The investor purchased 2,000 calls at the January 2011 $20 strike for a premium of $1.80 apiece, and sold the same number of calls at the higher January 2011 $25 strike for a premium of $0.45 each. Additional financing for the bullish strategy was provided by the sale of 2,000 puts at the January 2011 $15 strike for $1.20 per contract. The net cost of the transaction is reduced to just $0.15 per contract. Thus, the options combo-player is positioned to make money as long as IGT’s shares rally 8.6% to exceed the effective breakeven price of $20.15 by expiration in January. Maximum potential profits of $4.85 per contract pad the investor’s wallet if International Game Technology’s shares surge 34.7% over the current price of $18.56 to surpass $25.00 by January 2011 expiration day.