18,000 calls and 9,150 puts traded in Rare Element (REE), as the rally in the rare earth names (MCP, SHZ, AVL) continues for another day. REE is up $1.95 to $14.89 and now up 46.6 percent on the week. Most of the options action is in smaller lots. The top trade is 388 April 11 puts at $1.60 when the market was $1.40 to $1.60. It was part of a sweep of 700 contracts and looks buyer-initiated. However, there’s been a lot more action on the call side of the action, with Jan 14s and 15s leading the flow. Implied volatility is up another 5 percent to 107.5, the day after China announced plans to cut quotas on rare earth materials.