Marvell Technology (MRVL, news, chart) is seeing four times normal trading volume amid a massive unwinding of defensive positions. 68,000 MRVL puts and 40,000 calls have traded on the session. The September, October, and November puts with the 15 strike are among the day’s most actives. In recent days, we have seen a significant uptick in buying interest in these puts. For example, open interest in the September 15s is more than 42,000 contracts. However, today, it seems that some of those positions are being unwound. Implied volatility is lower and more than three quarters of today’s put volume is trading bidside. Shares are up 28 cents to $14.72 heading into the earnings report (after the close today). 22 analysts offer coverage in MRVL and the range of estimates is narrow (between 23 and 21 cents), with consensus for 22 cents for the quarter. The company has posted some surprises lately, however. Last quarter, for example, MRVL gapped up 23.3 percent after reporting quarterly earnings of 20 cents, which beat by 9 cents.