Show of support for Pitney Bowes

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Pitney Bowes is trading near five-year highs, and one trader apparently believes that those levels will hold in the near term.

optionMONSTER's tracking systems show that 3,716 March 25 puts were sold at the same second for $0.20 today. This is clearly a new position, as the volume was well above the strike's previous open interest of 1,681 contracts.

The put seller will keep that $0.20 credit as profit if the stock stays above $25 through March expiration at the end of next week. But if PBI falls below that strike price, the trader will be on the hook to buy shares at that level. Investors sometimes sell puts this way in hopes of picking up a stock at a discount on a pullback. (See our Education section)

PBI is down 0.27 percent to $25.74 in midday trading but is up more than 70 percent in the last year. The mail-processing equipment company gapped up from below $22 after strong quarterly results on Jan. 30 and peaked at $26.63 last Friday, its highest price since January 2009.

Today's put sale pushed total option volume in Pitney Bowes to 8,000 contracts, double its daily average for the last month.

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