Under Armour Inc (NYSE:UA - 49.36) is bucking the bullish bias in today's session, and bearishly slanted option players are taking notice. Put volume was last seen trading more than six times the average intraday volume, with around 5,100 contracts having crossed the tape so far. One of the more active strikes is UA's January 2013 50-strike put, which has seen more than 1,300 contracts change hands. The majority of these have gone off at the ask price, and data from the International Securities Exchange (ISE) indicates a number of these contracts have been bought to open.

By purchasing these in-the-money puts for a volume-weighted average price (VWAP) of $0.99, traders will begin to profit with each step south of $49.01 (the strike less the premium paid) UA takes throughout the next two weeks. This breakeven level is just a stone's throw from the security's current price.

Given the stock's struggles on the charts in recent months, this penchant for long puts isn't too surprising. In fact, UA has retreated around 19% since tagging a record peak of $60.96 on Sept. 14. Additionally, the equity has lagged the broader S&P 500 Index (SPX) by more than 11 percentage points during the past three months.

As touched upon, UA's downtrend is continuing in today's session, with traders less-than-impressed by this morning's bullish brokerage note. At last check, the stock has shed 0.6% to hover near the $49.36 mark. Should UA fail to breach $49.01 by the Jan. 18 close -- when the options expire -- the most today's put buyers stand to lose is the initial premium paid.