This time it is the OEX July 730 calls that have people glued to their screen. There were 12,500 contracts still open as of this morning. I doubt that the market can rally through that level, but some of the shorts are worried that the OEX could coattail off the 9% exposure it has to Microsoft (MSFT) - Get Report.

It is Microsoft that is taking center stage in the options world, however. Everybody who was short the 'Soft July 95s -- 25,000 open contracts as of this morning -- got the head slam usually reserved for the dot-com world as the buyers of Mister Softee laid the July 95 call-sellers to waste.

(Remember, short people figured that this stock would not break out.)

Some are speculating that MSFT could go still higher, taking the OEX with it. I think that is wishful thinking.

But it is what people are focusing on, so I am talking about it. I don't like the odds of an OEX ramp into the close. Again, I am an innocent bystander and will not play OEX calls.

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund was long Microsoft. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at