Bear is betting that Dell has run too far

Dell shares have been rebounding from four-year lows, but one trader apparently thinks that the PC maker's stock has run too far too fast.

It is the Weekly December 10.50 puts that expire at the end of Friday's session tops Dell's option trade so far today. Right now exactly 5,000 have traded against open interest of 1,747, all bought for the ask price of $0.11, according to optionMONSTER's Depth Charge system.

The put buying isn't tied to any trading in DELL shares that we can see this morning. The trade could be hedging against a long position established earlier, but it seems more likely that this is someone taking a cheap shot that DELL will be back to levels of last week. It traded as low as $10 last Monday. (See our Education section)

DELL is trading at $10.67, up 2.06 percent on the day. It has been climbing for the last few weeks after trading down to $8.69 on Nov. 16 after the earnings results, its lowest level since the March 2009 bottom.

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