NASDAQ is near multi-year highs with Microsoft (MSFT) collapsing from roughly $36.50 to $31.00 intraday on Friday (15% high to low drop). Technology stocks are showing broad based strength. This week, Facebook (FB) reports on July 24. The stock is trading at $25.80 which is near the midpoint of its year-to-date trading range of $22 to $32. In advance of earnings, we have seen bullish near-term options flow with buyers of July27 weekly 27 strike calls. Other technology names that are seeing bullish options flow include Cisco (CSCO), Dell (DELL) and Qlik Technologies (QLIK).