Focus Media shares are bouncing back a bit, up some 30c to $29, after tumbling over 5% yesterday on general weakness in China issues. Notable option volume on the put side again today as the July $25 strike has traded a total of 7,200 contracts with 95% of volume occurring at the bid price between 45c-50c. This follows trading of 8,100 contracts in the strike yesterday, all of which translated into new open interest today so potentially a quick closing the position. Separately, but possibly related the July $28/$32 put spread has traded 3,004 times in what looks like a sale for a $2.19 net credit. Open interest in each strike is sufficient to cover and looks like it could be closing a position opened on 5/12 when shares were around $33.50.