Strategy Alert! Shares of Gilead Sciences (GILD, news, chart) are trading up 46 cents to $53.32 and at least one player in the options market appears to be playing the stock for some heightened volatility in the short-term. At approximately 13:30 Eastern time, an order of 1,352 GILD 52.5 puts traded askside for $1.20 a contract. The same number of July 55 calls also traded askside for 85 cents a contract.

While possibly closing (open interest is 2,741 and 6,647, respectively), the activity has all of the hallmarks of a strangle buy. Earnings are due out on July 17 and one day before these puts and calls come off the board. Implied volatility is 32.2 percent, compared to a 1 month statistical volatility of 28 percent. 52-week high and low are $56.95 and $35.22 a share.