Visa (V) is up $2.56 to $83.90 due to the “index effect” after S&P said V would replace Ciena (CIEN) in the S&P 500 Index. Shares are up on the news and options activity is running 2X the average daily, with 30K calls and 9820 puts traded so far. Dec 85 calls are the most actives, with 12,850 traded. The action seems to include buyers and sellers, as some players are likely closing positions ahead of the expiration. Jan10 $90 calls have traded 6790X and 80 percent hitting ask-side.