Earlier today we noted that put volume and implied volatility in Dendreon (DNDN) were on the rise ahead of next week’s earnings. See 12:10 comment. Since that time, some DNDN strangle buyers have surfaced. At approximately 12:30 Eastern time, an order of 11,400 November 12.5 calls traded offerside for $1.20 a contract and the same number of November 2.5 puts traded offerside for 30 cents a contract. Open interest in the two contracts is 5,837 and 2,413 contracts, respectively. In additoin, total volume in both is mroe than 20,000 contracts. To make a long story short, it seems that some players are aggressively opening long strangles in anticipation of increasing volatility in DNDN between now and November options expiration.