The options market is expecting the three tech giants, which make up 21 percent of the Nasdaq 100, to move a combined 19 percent in either direction by Friday. That's a potential plus or minus $67 billion move in market cap. Options traders use at-the-money put and call strike prices to estimate how much a stock will move.
According to one technician, there's one name in particular that stands out as the clear winner: Microsoft. "It looks to my eye that Microsoft is setting up quite well for a breakout," Carter Worth said Friday on CNBC's "Options Action."
Looking at a longer-term chart of Microsoft, Worth noted that the stock has been consolidating. "We have this formation of tight trading, and the presumption is we are going to get somewhat of a [move higher]," added Cornerstone Macro's head of technical analysis. For Worth, the catalyst for the next leg higher could be a positive earnings event.