PNC Financial (PNC) implied volatility remains elevated as the stock spends yet another day behind the woodshed. PNC is down $2.6 to $17.4 and has fallen 41.5 percent since last Thursday. Implied volatility is back up to 165 (+8) and not far from record highs (170) set on Jan 20. 11K PNC Mar 15 puts and 10.2k April 10 puts traded so far today.

Cemex (CX) out-of-the-money puts are seeing volume for a second day. Open interest in the Jan-10 2.5 puts increased by 29.4K contracts following active trading Thursday. Today, the action continues with volume seen in April, July, October, Jan-10, and Jan-11 puts at the $2.5 strike. Shares are down 20 cents to $4.36.

Apple Computer (AAPL) is down $5.77 to $83.07 and it appears that one contrary-minded trader is positioning for a rebound in the April 85/90 call spread, which recently traded across multiple exchnages, 4500X for $2.10. Looks like they bought 85s, sold 90s.

AMEX Broker/Dealer Index (.XBD) is down 1.84 to 56.69 and session lows. Goldman Sachs (GS) is down $4 to $77.72. XBD is back to levels since last November. The index hit lows of 51.46 on Nov 21 before bouncing back to close at 56.29.

Shares set a new 52w low of 10.05 and option volume is running 5x normal with puts dominating the action. July 9 puts are most active, with a sweep buyer paying 83cents for nearly 3300 contracts just before 10am when shares were at 10.56.

Some traders are tapping in to Molson Coors (TAP) calls. The July 35/40 call spread recently trades 1600X for $1.85. Shares are up 35 cents to $33.96 and it looks like the spread was bought.

Cypress Biosciences (CYPB) is down 74 cents to $7 after the company, along with partner Forest Labs (FRX), said shipping of Savella to wholesalers and pharmacies will begin mid-2009. The treatment, approved in January, was expected to be shipped this month. CYPB options volume is running at 3X the normal, with increasing interest Jan 7.5 calls. Looks like sellers collecting $1, perhaps part of a buy-write strategy.

Union Pacific (UNP) is rebounding from recent losses, up $1.2 to $36.63 and sentiment in the options market seems bullish amid increasing interestg in April 35 and 40 calls. 3,700 contracts traded so far.

General Motors (GM) is down 11 cents to $1.75 after the Wall Street Journal reported that the automaker is becoming more open to bankruptcy. GM Jan 2010 calls at the $2.5 strike are among the most actives in the first 10 min . after an investor bought 10K contacts for 35 cents.

The CBOE Volatility Index (.VIX) is down .7 to 49.47 to session lows now that event risk (payrolls) has passed and given that the economic calendar holds no meaningful data until next week’s jobless claims Thursday. The earnings reports are also dwindling.