American Express (AXP) is the best gainer in the Dow Friday. Shares spiked about 45 minutes ago and hit session highs of $27.93 around 11:30 ET, before backing off to $27.46 (+1.40). In the options market, sentiment remains cautious despite today’s rally. 24,000 puts have traded, compared to 2700 calls. The top trade of the day is a block of 10,000 AXP Jan 17.5 puts traded on the offer for $1.25. An exchange-floor contact informs us that the trade is part of a ratio spread, where the strategist bought 7,500 25 puts, sold the 17.5s and paid $1.25. This looks like a bearish ratio spread; perhaps a bet AXP will give up today’s gains and move lower in the not-too-distant future.