Homebuilders have been under pressure today on disappointing jobs data, an earnings miss from KB Homes (KBH) and a negative report (link: http://www.lenn-ron.com/docs/FDI-Lennar_Final.pdf) on Lennar posted on the Fraud Discovery Institute web site. The day’s news motivated aggressive put activity in a number of names including Toll Brothers (TOL, news, chart, volatility). Shares are down 36 cents to $21.34 and two of the top trades were in the June puts, when 2,218 20s traded askside for $3.90 while 2,218 15s traded bidside for $1.95. Looks like a roll of a bear put spread from the Jan 22.5/15s.