Visa (V) and Mastercard (MA) are trading higher today on news the Fed will miss a deadline for a decision regarding debit card fees. MA is up $3.60 to $255.31 and V added $2.30 to $74.50. However, both stocks are well off session highs and came under fire about thirty minutes ago on heavy volume. The catalyst for the afternoon sell-off isn’t clear, but MA is now off 2.7 percent from its best levels (V down 1.1 percent). Meanwhile, options volume is brisk in both names. MA total volume is 4.5X the average daily, with 15K calls and 6900 puts traded. 59K calls and 49K puts traded in Visa, or 5X the average daily. Investors are taking positions and bracing for increasing volatility. Implied vols in MA are up 12 percent to 29. Visa implied volatility increased to 27 from 25.5.