Dell complaints

As Dell tries to rebound off multi-year lows, one option trader is positioning for limited upside.

DELL is up 1.35 percent to $11.99 in midday trading. The PC maker dipped to $11.43 on Wednesday, essentially matching the three-year low last seen in August 2010. Shares were trading above $17 in March before gapping down from above $15 in late May.

A trader sold 7,500 January 14 calls for the bid price of $0.34, optionMONSTER's systems show. The volume exceeded the open interest at the beginning of the day, so this was a new position.

The calls could have been sold naked in a trade that would have an initial bearish bias but would potentially profit with the stock anywhere below $14.35 at expiration. The options could also have been sold against long shares in a covered cal l strategy, which would be bullish up to the strike strike but would not partake in any gains with the stock above that level. (See our Education section)