International Game Tech (IGT) is up a nickel to $15.12 and options volume is 16X normal, being driven by a Sep 15 straddle, apparently sold at 90 cents, 12500X on PHLX. Looks like an opening play based on expectations for rangebound trading over the next three weeks. Implied volatility in IGT is down 2.5 percent to 36, compared to a 52-week high and low of 58 and 32.5.

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

Hecla shares are up 20c to $5.35 and option volume is running 4.5x the daily average driven by activity in the December $5 call. The contract has seen multiple 3,000-4,000 blocks trade totaling 24,000 contracts now, of what appears to be fresh buying between 72c to 83c. 97% of the volume has been on the asking price. Shares of the Idaho-based mining company, which focuses on silver, gold and zinc, have added 10% in the past three days and have now moved above its 50-day moving average. This may be a play that the shares of miners, which have relatively underperformed the rise in price of the underlying metals, will begin to catch up.

CBOE Volatility Index (.VIX) is down .98 to 26.39 and heading to session lows following a dramatic reversal in the S&P 500 Friday morning. The S&P 500 drifted off opening highs and the decline accelerated around 10:00 ET after Intel slashed its third quarter revenue outlook. The news triggered a volatile reaction in Intel shares, sending it to a new 52-week low of $16.55 on heavy trading. However, a V-shaped reversal ensued and Intel has now moved back to positive territory. Prior to today, Intel had suffered a 25 percent slide since April 15. Today’s volatile move, which pushed it 32.2 percent below its April highs, marked possible capitulation and laid the groundwork for the market rebound. Consequently, VIX is lower and, with S&P 500 20-day statistical volatility at less than 17 percent, the volatility index still seems relative high given the S&P 500s daily prices moves over the past month or so. There could be more downside for the VIX.

Bristol Myers (BMY) is off 22 cents to $25.86 and options volume is 2X the recent average daily, with about 16K calls and 6,880 puts traded so far. The focus early was on the Oct 27 calls, which have now traded 10,465X (65 percent Ask.) More recently, lots of Sep 26 calls have traded at the ask, a total of 4478 (84 percent Ask). Sep 25 and 26 puts are seeing interest as well. Implied volatility is up 4 percent to 23. The overall tone of trading seems bullish. Forbes has an article today noting that BMY and Roche are beginning to collaborate on the development of a cancer drug. No other news on the stock today.

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

Occidental Petro is down 50c to $72.40, down some 15% in the past month, and near its lowest level of the year. A notable trade in the name today is in the November $65/80 risk reversal, 4,000X, in what looks bullish (bought calls, sold puts). It might be closing as both strikes have sufficient open interest to cover.

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