additional color; replacing UST in SPX tonight on the close. ~20mm shares to buy. Look for stock to move towards VWAP at bell.

Iron Mountain put volume is well above normal today, continuing a spike in activity noted Friday. Shares are up 1% to 25.05 and Jan 20 and 25 puts lead the action with bid-side activity suggesting professionals selling into the vol spike that took place Friday. Todays sellers have collected $1 for Jan 25 Puts neary 2000x, and 25cents for about 1000 Jan 20s. Friday, with shares almost 75cents lower, a buyer paid 25cents for the 20s nearly 4000x. Jan 22.5 puts were also bought Friday for 75cents. Ivol at both strikes lifted more than 20points. Earnings due early March.

JA Solar (JASO, news, chart, volatility) calls are actively traded for a second day. Volume picked up Friday as the stock extended its recent advance. JASO rose nearly 50 percent last week. Today, shares are up another 32 cents to $5.16 and options volume is running 4X the average daily levels. February 5 calls are leading the flow, with about 75 percent of today’s 4,100 contracts traded ask-side.

Teck Cominco (TCK, news, chart, volatility) is up $1.10 to $6.84 and total options volume is running at 4 times the average daily levels. 2,200 January 7.5 calls and 2,500 February 7.5 calls have already traded. Some investors might be selling some premium on the heels of today’s rally as implied volatility remains high (130 percent) and these calls are still 9.6 percent out-of-the-money.

Genentech (DNA, news, chart, volatility) Jan and March 80 puts are actively traded, after an investor bought the spread 4,800x for $3.80. With shares down 95 cents to $81.95, it might be a spread built on expectations of DNA holding above $80 over the next two weeks and possibly heading south from that point forward.

Eastman Kodak (EK, news, chart, volatility) options activity is running at two times the average daily levels. Jan and Feb 7.5 puts are the most actives. With shares up a nickel to $6.92, some of the day’s action in the Jans is possible closing as there is significant open interest and these options have less than ten trading days of life remaining. However, it appears that the Feb 7.5s are being bought to open, as almost all (98%) of today’s 1,800 have traded at the offer and existing open interest is only 89 contracts.

Logitech International (LOGI, news, chart, volatility) options volume is running 9 times the average daily levels, amid increasing interest in Feb 15 puts. 1,265 traded, with most of the day’s trades in 300 contracts or less and hitting at the offer for $1.30 and $1.35. No news today. Earnings due out on Jan 20.

Early option flow in Electronic Arts (ERTS, news, chart, volatility) is notably bearish, with put buyers lifting March 15 and 17.5 Puts as shares trade down nearly 2% at 17.10. 11minutes into the day a sweep buyer paid 1.20 for 2800 March 15 puts and 2.35 for nearly 1200 March 17.5 puts. Lifting implied in each option by several points. Earnings due early Feb.

Stocks are set to open lower Monday morning, as investors brace for a busy week of economic news. Read More.

Ciena (CIEN, news, chart, volatility) January and Feb 7.5 calls saw increase in open interest of more than 9,600 after blocks of 10K traded Friday morning. Both traded at the offer, for 25 and 60 cents, respectively. While it appears to be initiated buy orders (bullish trades) with shares closing just below $7 Friday, it is possibly a subsantial timespread or a bet that CIEN will stay just below $7.50 over the next 10 trading sessions and move higher from there.