After hitting a high of $43.39 early, National Oilwell (NOV) came under pressure in morning trading and was recently down $1.36 to $41.56. In the options market, bearish flow was detected, with 11,420 puts traded, or about 6X the recent average daily. Feb puts with strike prices ranging from 40 to 45 are seeing the bulk of the flow and implied volatility is up about 3.8 percent to 42. No news on the oil driller today and the action might reflect some anxiety about the company’s Feb 3 earnings release.