RIMM, which is up for a fifth day and has added 16.1 percent this week on optimism for Blackberry and Playbook sales, sees an interesting spread trade midday. Shares have gained 67 cents to $56.88 on the session and one strategist pays $1.55 for the March – June 57.5 put spread, 16600X. The spread looks opening and possibly a play on shares trading above $57.5 through the March expiration, but then trading lower through June 2011. It also appears that the spread traded more than once, as volume in both contracts now exceeds 30000.

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

CBOE Volatility Index (.VIX) is up 33 cents to 21.21 and recording its fifth consecutive gain ahead of next week’s event risk — FOMC meeting, mid-term elections, retail sales, and monthly jobs data. VIX is up 12.9 percent on the week. A noteworthy trade in the options today is a Nov 24 – Dec 22.5 put spread, apparently sold at $1.30, 51300X. Looks like they sold November and bought December, perhaps rolling a position out an additional month. VIX November options expire in 18 days. Today’s action also includes a buyer of 10000 March 20 puts at 55 cents and, separately, a buyer of 10000 April 20 puts at 57.5 cents. A Nov 19 – 20 put spread was bought 5000X at 32.5 cents. 147K puts and 76K calls traded on the volatility index so far. So, while the index is on a five-day winning streak, some players in the options market seem to believe that the VIX will stay tame in the weeks/months ahead.

Iron Mountain (IRM) adds 49 cents to $21.68 and options volume is 7X the average daily, driven by April 22.5 call buyers. One player bought 9000 at $1.30 each. It was tied to shares on a 50 delta. 10,400 now traded vs. 243 contracts in open interest. Shares of the Boston, MA business software company lost 6.1 percent on disappointing earnings news the day before.

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

Micron Tech (MU) gapped at the open and is up 3.8 percent to $8.24 after the chipmaker said it’s buying back and refinancing some of its convertible debt. Shares finished the day down three pennies to $7.94 yesterday and a noteworthy trade in the options was a block of 14,250 Jan 2012 calls at the $12.5 line. It was bought to open at 54 cents per contract on the ISE. Open interest increased by 13,141 to 23,552.

Halliburton (HAL) shares are under pressure and implied volatility is ripping higher on reports the “company knew BP cement well was unstable” — Marketwatch. Shares are off $3.15 to $31.27 and options volume surged on the news. 130K puts and 67K calls traded in the oil driller. Recent trades include an April 20 – 28 (2X1) put ratio spread, bought at 92.5 cents, 1250X. Front-month puts are seeing heavy trading as well. November 30 puts traded 17,370x. Another 11,000 November 31 puts changed hands. Players are scrambling to buy premium on concerns about additional downside and implied volatility is rallying 49 percent higher to three-month highs of 49.