BP hits a new 52-week low of $36.90 Tuesday morning and was recently down $4.79 to $38.19 after the oil giant said its operation Top Kill to stem the oil leak in the Gulf spill was not successful. In the options market, trading remains brisk, with another 80K calls and 52K puts traded in the first hour. Implied volatility is up another 21 percent to 61 and a new 52-week high. Meanwhile, the top options trade of the day is a block of 5330 Jan 35 calls sold at $6.20. It was likely tied to a block of 533K shares at $37.26. So, like last week, some strategists seem to view the share price weakness and elevated options premiums as an opportunity for buy-writes on the battered BP.