Market News

May 24, 2013  Fri 9:13 AM CT

Microsoft has been slipping off its highs from earlier this week, but one trader is looking for a floor.

optionMONSTER systems show that the Weekly May 30 puts that expire next week top the option volume in MSFT today. More than 5,500 of those contracts were sold for $0.03 in volume that dwarfs the previous open interest of just 26 contracts.

The put selling is a bet that MSFT will hold above $30 through next Friday. The delta of the puts is just 0.03, suggesting just a 3 percent probability that the stock will be below that strike price at expiration. (See our Education section)

MSFT is down fractionally this morning to $34.04. The software giant has been rallying from below $29 since reporting earnings a month ago, reaching a high of $35.27 on Tuesday.
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