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June 4, 2013  Tue 9:48 AM CT

CRM: SEE CHART GET CHAIN FIND STRATEGIES
A large trade is looking for Salesforce.com to get more volatile.

optionMONSTER systems show that the trade involved a single print of 7,000 July 42 calls that went for $1. This is clearly a new position, as open interest in the strike was 1,023 contracts before the trade appeared.

Less than two minutes later, the biggest block of CRM stock traded as 220,000 shares changed hands for $39.4727. The combination of stock and calls creates a delta-neutral play that is looking for big swings in the share price but not a particular direction. (See our Education section)

CRM is down 2.9 percent this morning to $39.85. Although the stock is off its worst session price of $38.52, this is still its lowest level since early December. Shares of the cloud-computing company were at a high above $47 less than three weeks ago. 
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