Kinross Gold (KGC) loses 48 cents to $11.63 amid volatility in the miners today after the yellow metal slumped below $1600 an ounce. One player in the options market seems to view the decline as an opportunity for a bullish trade in KGC and bought 10,000 Feb 12 calls on the stock for 78 cents per contract to open. The trade is tied to shares on a 45 delta. Total volume in KGC is 28,000 calls and 5,000 puts, while implied volatility has moved up 11.5 percent to 52.5.

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

Schwab (SCHW) shares hit a morning low of $10.83 and are down 37 cents to $11.16 after the discount broker reported November trading statistics and also lowered guidance for fourth quarter earnings. Shares sank on the news and some players appear to be selling Jan $11 calls on the stock. 5,100 traded so far. The top trade is an 870-lot traded at 50 cents when the market was 55 to 65 cents. Open interest is 5,138 and so some of the volume is possibly closing. 5,220 calls and 1,395 puts now traded on Chuck, which is 3X the daily average, and implied volatility is up 6.5 percent to 44.

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

Avon Products (AVP) with relative strength today after the cosmetics company disclosed Tuesday afternoon that it is seeking a replacement for Chief Executive Andrea Jung. Shares, which were probing 52-week lows the day before, gained $1.36 to $17.50 and recent options trades on the stock include a 10,000-contract block of July 20 calls traded for 95 cents per contract when the market was 80 to 95 cents. Looks opening.