Is ASML Holding Topped out?

Shares of ASML Holding

are trading lower on the session by 1.35%, at $46.03. Shares were flirting with positive territory earlier in the session, but have since sold off. Taking into account the stock's massive run over the past three months, as well as Friday's lackluster candle formation, ASML could be in for a pullback here. With the 20-day and 50-day moving average trading so far below the current price, it would not be a bad thing for bulls to see the stock trade lower and test some levels. ASML has not tested the 20-day since January 18th; the 50-day has not been tested since December 19th. Options traders are echoing the idea of a sell off here. Puts are outpacing calls today by 5 to 1 with put volume running at 50x normal volume. The heaviest action can be found on the March 2012 $27.50 strike, where 3,020 contracts have traded on zero open interest. Over 90% of all puts traded have been on the offer, indicating buyers. Given the volatility of the Mar2012 $27.50 strike (31.85%) relative to overall historical and implied volatilities (18% and 28%, respectively), traders are looking for a sizeable move in the name, as well as increased volatility. With a delta of -0.7249, that strike is a smart way to play further downside. ASML Holding N.V. is a holding company, which operates through its subsidiaries. The company is a provider of advanced technology systems for the semiconductor industry.