EMC Corp (EMC) $27.40 -2.35%

| May 23, 2011 | 0 Comments More

EMC shares are off 65c to $27.40 and option volume is 2x the daily average being driven by trading in the LEAPs. Notable trade in Jan 2013 sees the $30 call and $25 put each trade 5,000 contracts in what looks like sale of the strangle for a $5.05 net credit. This could have been done against the Jan 2012s in which the $28 line as both puts and calls traded a 2,500 contract block in what looks like an opening purchase of the straddle for a $5.15 net debit except the transaction were about 20 minutes apart and done on different exchanges.

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