The top four trades in the US equity market so far today involve blocks of puts on American Capital (ACAS, news, chart). Two blocks (19,750 and 18,668 contracts) of August 25s traded bidside or $3.55 a contract (average) and two blocks (19,750 and 18,668 contracts) of November 30s traded offerside for $11.35 (average). This was repeated several times and volume in the Novembers is 74,700 and 64,900 in the August. With open interest of 72,301 contracts in the August and 3,496 in the Novembers, the volume seems to be rolling of a substantial position in long puts ahead of next week’s options expiration.