Ford Motor (F) is down 22 cents to $11.53 and some investors seem to be taking out some auto insurance in the Jan 2011 puts at the 2.5 line. One player bought 20,000 contracts at 9 cents apiece. Some or all of the activity might be closing, however. 46,265 contracts now traded vs. 142,203 in open interest — the most of any Ford options contract.