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

Carnival Cruise (CCL) adds 96 cents to $34.86 and an Oct 34 – Nov 35 call spread is sold on the stock at 22 cents, 12500X. The spread appears to roll a position ahead of the expiration — possibly part of an overwrite or covered call strategy. CCL is down 24.3 percent year-to-date, but well off (22.2 percent) the lows seen earlier this month, when the stock fell to $28.52 intraday on Oct 4. Today’s call writer might not see much upside beyond $35 through the Nov expiration, even though that’s only 14 cents above current levels.

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

Research In Motion (RIMM) adds 48 cents to $22.79 and one player sells 12,000 Jan 20 puts on the Blackberry maker at $1.90 per contract. It possibly exits some of a position opened at the end of September when 22,000 were bought at $2.77 (rollling out of 19K Jan 22 puts sold at $4.05 — see 9/29 color). Shares were probing 52-week lows around $20 at that time, but are up 12.5 percent month-to-date.Today’s put writer might be closing out positions on diminishing concerns about the short-term outlook for RIM shares. Meanwhile, implied volatility in the options is down about 3 percent to 75 and now well off the 52-week highs of 97 seen in mid-September.

JP Morgan (JPM) adds 81 cents to $33.94 and is one of 28 Dow stocks moving higher Friday. In options action, a 14000-contract block of Oct 33 calls is sold on the bank this morning at 90 cents. It’s possibly a liquidating trade. Open interest is 29,090 and the second largest position in JPM front-month calls behind Oct 30 puts, which have 37.8K in open interest. October options expire after today.