Rambus (RMBS) was up 5% to $22.63 Tuesday, but there seemed to be some reasons to be cautious, as 30 day IV sits at 98% ahead of a key court hearing on January 4th where Rambus hopes to win infringement cases for royalties. A trader paid $0.75 for the January $19/$16 out of the money put spread for 5,000 contracts. Shares have bearish MACD and RSI divergence on the breakout today, and $24.50 is a multi-year resistance level. Rambus trades based on legal issues and this large trade is looking for a disappointing outcome that would send shares crashing lower.