Puts on Dow Chemical (DOW, news, chart, volatility) are active. The January 12.5s are the most actives, with opening trades being seen and 99 percent trading offerside. December 15 and January 10 puts are also being bought. Shares are down 14 cents to $18.41 and it the activity in the deep out-of-the-money puts seems to reflect bearish bets, maybe disaster insurance or speculators looking for a very cheap way to play shares for a move lower.