Microsoft shares rallied 2.4% yesterday moving to a December high just north of $220. If you followed our advice and sold the January 200/205 put spread, we recommend you book the profits and take the 17-day 20% return, which works out to be 429% annualized.

We are still bullish on Microsoft, if for some reason the stock does fall back to the $215 range we will look to reenter the position.