The top trades so far today are in the Select Sector Financials and the PowerShares Qs (QQQQ). In the XLF, 50000 Jan 12, 13, and 14 puts traded along with 50000 Jan 16 calls (all 2010s and all traded BD-to-BD). Looks like the initiator bot calls and sold puts against a postion in 1.25 million XLF shares at $14.50. Some of the options legs might be closing, as open interest is sufficient to cover all four contracts. XLF is up 15 cents to $14.43.