The top two options trades so far today are in Citi (C) after a strategist sold 22,429 Jan2012 puts at the 4 line to buy 23,000 Jan12 calls at the 7.5 strike. They collected a 61-cent credit (as if one-to-one) on this bullish risk-reversal and are possibly willing to buy the stock at $4 through the 2012 expiration. The trade was tied to 1.3 million shares at $4.09. Implied volatility in Citi is down 2.5 percent to 34.5 today, compared to a 52-week high and low of 82 and 32.75. Shares are up fractionally today on news Citi has agreed to pay $75 million to settle regulatory charges with the SEC.