Puts have emerged as the options of choice on Dell Inc. (DELL - 15.19) in today's session. Approximately 25,000 put contracts have crossed the tape, representing five times the average intraday rate. Calls are trading at accelerated levels, as well, with around 7,800 contracts changing hands, or two times' their expected intraday volume.

One options player accounted for the bulk of these puts, which she used to employ a debit spread in the June-dated series of options. Specifically, one block of 10,000 June 15 puts crossed hands for $0.50, or above the ask price, while a symmetrical block of 10,000 June 14 puts traded at the bid price of $0.23. Volume outweighs open interest at both of these strikes, indicating new positions are being opened here today. A net debit of $0.27 was incurred for the play.

By establishing the long put spread, the trader is expecting DELL to fall below $14 by June expiration, but not so far below that she regrets not buying the put outright. In this scenario, the sold leg will expire worthless, and the speculator can pocket the maximum potential profit of $0.73 (the difference between the two strikes - the net debit). However, she is still able to profit as long as DELL lands south of breakeven at $14.73 (bought strike - net debit). Should DELL fail to retreat beneath either of these levels by the closing bell on June 15, the maximum potential loss for the play is limited to $0.27.

On a technical basis, DELL hit the ground running in 2012, sprinting up the charts to a three-year high of $18.36 on Feb. 21. However, a weaker-than-expected first-quarter revenue outlook caused the shares to drop dramatically the day after hitting this price peak, and the stock has since been pressured lower by its 20-day moving average.

DELL is scheduled to take its next turn in the earnings confessional on Tuesday, May 22. Wall Street is calling for a per-share profit of 46 cents.

DELL has swallowed a loss of around 1% in today's session, to trade near $15.19.