JP Morgan (JPM) adds 12 cents to $38.22 and a noteworthy trade on the bank Thursday morning is a buyer of 15,500 Nov 36 puts at 40 cents each. It was tied to a block of 419K shares and comes the week after JP Morgan reported earnings. Shares lost 56 cents on the news and are down an additional 4 percent since that time. Today’s put buyer is possibly bracing for additional volatility in the weeks ahead. Implied volatility in JPM is flat today at 26, compared to a 52-week high and low of about 56 and 24.

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

Rare Element (REE), which saw a three-day 67 percent rally prior to today on reports China will slow key mineral exports to the US, is off $1 to $11.74 Thursday morning. Brisk trading in REE options continues. 7860 puts and 3920 calls traded or 18X the recent average daily. Players are jockeying for the stock’s next move in Nov 10 puts, Dec 10 puts, and Nov 12.5 calls. Nov 7.5 and 12.5 puts are busy as well. Implied volatility is up 7 percent to 131, up 36.5 percent since the rally began on Monday.

Yingli Energy (YGE), which lost nearly 9 percent Tuesday, edged up 13 cents to $11.96 Wednesday. Meanwhile, options volume was unusual as it rose to nearly 3X the average daily, with 8600 puts and 1140 calls traded in the name. March 11 puts were the most actives and included a block of 4000 at $1.29 when market was $1.15 to $1.30. Open interest increased by 4104. March 10 and Dec 12 puts saw increasing interest as well. No news on the Boading, China chipmaker, but yesterday’s options order flow seemed somewhat bearish. Earnings were last reported on Aug 19.

H&R Block (HRB) shares touched a new 52-week low and are off 55 cents to $10.30. Options volume is running at 3X the recent average daily, with 41K puts and 8,360 calls traded on the tax preparation company so far. Recent trades include a buyer of 5000 Nov 8 puts at 32.5 cents per contract. Earlier trades include a spread, in which the investor sold 7000 Jan 12.5 puts at $3 to buy 6,200 Jan 9 puts at $1.25, which appears to be a roll down in strike price. HRB is down 27.1 percent since Oct 12 and the roll might reflect expectations for additional losses in the weeks ahead. Implied volatility is up 3.5 percent to 90 and has more than doubled since Oct 12. The slide in shares started on 10/13 when the company announced plans to buy 2SS Holdings, maker of TAXact. S&P placed HRB rating on CreditWatch Negative this morning.

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

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

While Delta is rallying and calls are busy on earnings news (see DAL 10:37), AMR puts are seeing interest ahead of its results, due during market hours today. AMR is up 28 cents to $6.80 and the top trades are part of a spread, in which the investor sold 20000 Jan12 5 puts at 81 cents to buy 20000 Jan13 4 puts at 84 cents. The spread might roll a bearish position or hedge out from Jan 2012 to Jan 2013 and down one strike price.