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Microsoft Corp (MSFT) stock still looks cheap here. One way to play it is to Short cash-secured MSFT puts that expire in one month. That provides a good way to set a lower buy-in and also make a 1.1% one-month yield.
MSFT is trading at $491.54 in midday trading today. That's well off its recent peak of $542.07 on Oct. 28, but just up from a recent low of $472.12 on Nov. 21.