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CBG - traded over 46x avg daily volume, the result of a purchase of 10k sep 15's and 10k sep 17.5 calls, tied to stk.  Both these strikes have substantial open interest, and this may be closing.

ETN - traded 3.5X the avg daily volume due to a purchase of 1800 Oct 60/70 put spreads. Bearish - company is due to present at a Morgan Stanley Global Industrials Conference on Weds.

 

VALE - From Steve Smith. Shares are off 50c to $26.65 and notable volume in the September $25 puts and $30 calls as block of 6,700 trade in each (total of 14,000 now) in what appears to be bullish risk/reversal (bought calls and sold puts) but open interest is sufficient to cover and this could closing of bearish positioned for a average of 17c credit. Possibly exiting a position opened earlier this month at 11 cents.

Volume was extremely light, single-stock options traded less than 7.5mm contracts, which is less than half the pre-summer daily average.  As expected implied volatilities were up in the near-dated options, essentially getting back to where they were a week ago.  VIX futures are higher than they were a month ago (see chart below) Aaron Ipsa suggests this may indicate that once again the market may be anticipating a more volatile market after labor day.  Last year the high levels of implied volatility proved to be unjustified, but that was a rising market, this is a falling one.

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