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• Put buyer takes other side of gold trade
• Strategy looks for more gains in HCA

• NOK 74% Rate It

The market may be giving up hope in Nokia.

optionMONSTER's Depth Charge monitoring system detected the purchase of almost 12,000 August 2 puts, most of which priced for $0.22. Roughly the same number of July 2.50 puts traded for $0.42 at the same time but were apparently sold with volume below open interest.

This suggests that an investor is positioned for the once-mighty cell-phone maker to continue its trek lower. He or she collected a credit of $0.20 in the process and has another month to profit from downside in the stock.

NOK is down 1.78 percent to $2.15 in midday trading and has lost more than half its value in the last three months. Bearish for years, the story worsened in April when management cut guidance because of software errors on its Lumia 900 smart phone.

There was also heavy call volume today, but it was also bearish. Some 5,000 July 2.50 calls were sold for $0.09 and an equal number of July 3 calls were bought for $0.05. Volume was below open interest in both, indicating that an existing bullish call spread was closed as the investor abandoned hope for a rebound in the near term. (See our Education section)

More than 45,000 contracts have traded in the stock so far today, almost twice the average amount.

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