Hartford (HIG) implied volatility is easing as a lot of today’s (3X normal) volume has been on the bid. Overall implied volatility is down about 2.5 percent to 37. March 29 calls, March 29 puts, and March 28 calls are seeing some selling ahead of the expiration. April 28 and 29 calls have traded 7,200X with about 55 percent on the bid. However, the top trade of the day is a seller of 14200 June 28 straddles at $4.45. Looks like an opening straddle write and a bet that HIG will hold around current levels in the weeks/months ahead.

*Scanning all single-stocks subject to 2500 contracts minimum call or put volume

Cintas (CTAS) sees somewhat bullish flow ahead of earnings, due out after the closing bell today. Shares are up 22 cents to $27.73 and the focus is on April 30 calls. 3430 traded (24% Mid / 70% Ask) vs.1070 in open interest. One of the top trades is a lot of 328 this morning on ISE, which is an opening buyer, according to ISEE data. Implied volatility is up about 4.5 percent to 30 ahead of the results.

*Scanning all single-stocks subject to 2500 contracts minimum call or put volume

Huge Print in Citi (C) today after an investor sold 217,000 April 4 puts at an average of 16 cents per contract. Citi is flat at $4.05 and this appears to be a new position, as open interest is 189K. 266,500 Citigroup April 4 puts now traded.

Human Genome Sciences (HGSI) sees a spike on increasing volume and is up 49 cents to $31.73 on renewed takeover speculation — fly on the wall. In the options, March 32 calls are seeing interest in recent trade. 3000 now changed hands vs. 2726 in open interest. 33 percent traded Mid and 51 percent at the Ask. (Note: with the expiration at the end of this week, there are plenty of reasons to be skeptical of any chatter today and tomorrow.)

Boston Scientific (BSX) shares are down 4 cents to $6.91 and BSX puts seeing some interest early Thursday after the FDA recommends that doctors not use BSX medical devices. The FDA is not urging explants and is now aware of safety concerns, but advises against the use of devices until changes are approved. Recall that BSX shares fell 12.6 percent on March 15 after the company warned that it has stopped the sale of its defibrillators. Recent options trades today includes 1250 BSX Aug 6 puts at the 45-cent asking price and might be part of a protective put play. 2700 now traded.