32,000 puts traded on Merck (MRK) already today. Shares are down 14 cents to $26.86 and the top trades of the day include nearly 10,000 Oct 24 – 26 put spreads bought for 75 cents, according to a floor contact. Looks like either a bearish spread or a roll up in strikes, from 24 to 26. Either way, looks bearish, as does the rest of today’s action in MRK. Implied volatility is moving beyond 36, from about 34 late last week. No news today. Earnings due out July 21.