Chevron Corporation (NYSE:CVX) found a firm foothold atop the century mark this week, home to peak put open interest in the December series. Today -- thanks to a sector-wider rally in energy names -- the shares are up 3.6% at $105.36, making CVX the biggest gainer on the Dow. This strong bounce has done little to satiate options traders, though, who are scooping up calls at two times the intraday average.

Most active by a mile is the stock's January 2015 110-strike call, where 11,216 contracts have been exchanged. It appears a number of positions have been bought to open -- a theory echoed by data from the International Securities Exchange (ISE) -- as traders bet on an extended run higher through January options expiration.

From a wider sentiment perspective, today's accelerated call activity marks a change of pace in CVX's options pits. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 50-day put/call volume ratio of 0.98 ranks in the bearishly skewed 80th annual percentile. Should Chevron Corporation (NYSE:CVX) extend its rebound from support at the round-number $100 mark, a continued shift in sentiment among options traders could help fuel the security's fire.

Rite Aid Corporation (NYSE:RAD) is scheduled to unveil its fiscal third-quarter earnings report bright and early tomorrow morning. Over the past four quarters, the stock has averaged a single-session post-earnings loss of 6% -- including an 18.5% plunge in September. In spite of this, calls are trading at four times the average intraday rate today, with a number of option bulls betting on RAD to buck this historical trend.

Most active in RAD's options pits is the December 6 call, where 4,086 contracts have changed hands. Drilling down, it appears a number of these positions are being bought to open, as traders roll the dice on the stock to be perched above $6 at week's end, when the front-month options expire.

On the charts, Rite Aid Corporation (NYSE:RAD) -- unlike sector peer CVS Health Corp (NYSE:CVS) -- has struggled since hitting a 12-year high of $8.61 in early June, with the shares off more than 30% to trade at $5.99. What's more, the $6 level, which coincides with RAD's 320-day moving average, as well as peak call open interest in the December series, has put a quick halt to today's rally attempt.

Things have been pretty gloomy for First Solar, Inc. (NASDAQ:FSLR), which has lost nearly a quarter of its value this year to perch at $41.19. Yesterday, in fact, the shares dropped 1.8% and touched an annual low of $40.78, despite Morgan Stanley giving the company a 50% chance of launching a yield co, while maintaining an "equal weight" rating and issuing a new $47 price target. This flurry of developments brought options traders to the table, too, as contracts crossed at nearly triple the expected daily clip.

One of Tuesday's more interesting transactions involved the simultaneous initiation of a 2,000-contract long position at the January 2015 45-strike put and identically sized short position at the January 2015 45-strike call. In other words, this speculator implemented a synthetic short to gamble on additional downside in FSLR over the next five weeks.

A high degree of pessimism is detected throughout the options pits. During the last 10 days, FSLR puts have been bought to open at a faster rate than calls, according to data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). The resultant put/call volume ratio of 1.37 rests just 2 percentage points from an annual bearish extreme.

This morning, though, while First Solar, Inc. (NASDAQ:FSLR) earlier stumbled to a fresh low of $40.54, the shares were last seen up 0.7%. Helping the stock -- and the solar sector, more generally -- is news that the U.S. Commerce Department will impose a stiff tariff on solar equipment imported from China and Taiwan.

Carnival Corporation (NYSE:CCL) will take its turn in the earnings spotlight ahead of Friday's open, and option traders have been banking on a negative reaction to the company's quarterly report. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), for example, CCL's 10-day put/call volume ratio of 1.09 ranks in the 72nd annual percentile. Simply stated, puts have been bought to open over calls at a faster-than-usual clip in recent weeks.

It was a trend witnessed yesterday, with puts crossing the tape at 3.6 times the average daily rate -- and outpacing calls by a nearly 2-to-1 margin. Buy-to-open activity was detected at CCL's December 43 put, where 4,104 contracts were traded. By initiating these long puts, speculators expect the stock to be sitting south of the strike at week's end, when front-month options expire.

Tuesday's options bears were dealt a blow today, though, with the stock up 2.6% at $44.26, following a price-target hike to $50 from $46 -- and a reiterated "positive" rating -- at Susquehanna, and a new "buy" recommendation and $60 price target from Buckingham. This positive price action only echoes the equity's recent trajectory, with Carnival Corporation (NYSE:CCL) rallying 34% from its mid-October annual low of $33.11, thanks to a lift from its 20-day moving average. Should the shares fail to finish the week below $43, though, the most yesterday's put buyers stand to lose is the initial premium paid.

Among the stocks attracting attention from options traders lately are oil-and-gas issue Chesapeake Energy Corporation (NYSE:CHK), professional networking platform LinkedIn Corp (NYSE:LNKD), and internet gaming guru Zynga Inc (NASDAQ:ZNGA). Below, we'll break down how option buyers are positioning themselves, and how much speculators are willing to pay for their bets on CHK, LNKD, and ZNGA.

• CHK has had a less-than-stellar year, shedding nearly 20% year-to-date, despite a 1.3% gain yesterday to close at $17.45. Unsurprisingly, sentiment in the equity's options pits is decidedly bearish. Chesapeake Energy Corporation's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 2.11 is at an annual peak, pointing to a healthier-than-usual appetite for long puts over calls of late. The stock's short-term options are currently expensive, on a volatility basis, per its Schaeffer's Volatility Index (SVI) of 68%, which ranks in the 84th percentile of its 52-week range.


• Shares of LNKD have added roughly 58% since their early May bottom near $140, ushered higher atop their 10-week and 20-week moving averages. Even with this recent growth, the stock dropped 1.1% yesterday amid broad-market headwinds to sit at $215.57. Options traders remain bearish on LinkedIn Corp, with its 10-day ISE/CBOE/PHLX put/call volume ratio of 1.06 ranking higher than 85% of all similar readings taken in the past year. From a contrarian perspective, an unwinding of pessimism in the options pits could translate into more upside for LNKD. Per the equity's SVI of 36% -- which is in the 22nd annual percentile -- LNKD's near-term options are fairly cheap, from a volatility standpoint. Furthermore, the stock's Schaeffer's Volatility Scorecard (SVS) of 87 indicates the shares have tended to make outsized moves over the past year, relative to what the options market has priced in.


• ZNGA has taken a dive this year, shedding nearly 38% of its value. Continuing this trend, yesterday the stock lost 3.1% to close at $2.36. Despite this extended slide, speculators have remained staunchly bullish. Per the equity's 50-day ISE/CBOE/PHLX call/put volume ratio, 8.51 calls have been bought to open for every put. Additionally, this ratio is in the 83rd percentile of its annual range, showing a bigger-than-usual preference for bullish bets over bearish. Zynga Inc's short-term options can be had at a relative bargain, on a volatility basis, as its SVI of 62% ranks in the 27th percentile of its annual range.

Integrated Device Technology Inc (NASDAQ:IDTI) rallied to $20.15 earlier -- its loftiest perch since January 2004 -- but was last seen lingering near $19.69. Option traders, however, are betting on the stock to rally back above this round-number mark over the next five weeks, by buying to open the January 2015 20-strike call, which is easily IDTI's most active option.

Should the stock fail to topple the strike by January options expiration, the most the speculators stand to lose is the initial premium paid. However, it appears these traders are willing to pay up for their bullish bets. Specifically, implied volatility on the January 2015 20-strike call is inflated relative to the security's 30-day historical volatility (56.7% vs. 36.1%), meaning premium is relatively expensive at the moment.

Technically speaking, the stock has been a standout in 2014, and has nearly doubled in value. More recently, Integrated Device Technology Inc (NASDAQ:IDTI) has put in a stellar performance against the S&P 500 Index (SPX), outpacing the broad-market barometer by nearly 38 percentage points over the past two months.

After earlier touching an annual low of $86.19, Exxon Mobil Corporation (NYSE:XOM) was last seen 0.4% above breakeven at $87.24. This wild price movement -- which is reflective of today's broad-market volatility -- has brought a number of options traders to the table. In fact, calls are being exchanged at double the usual intraday rate, and the stock's 30-day at-the-money implied volatility has risen 2.5% to 29.2%, suggesting short-term strikes are in demand.

Taking the top spot is XOM's January 2015 92.50-strike call, where 18,339 contracts -- including a sweep of 15,000 -- have changed hands. Based on a number of factors, it appears traders are placing fresh bullish bets, anticipating the shares will rally past $92.50 by January options expiration.

This preference for call buying is a break from the recent norm, per data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). During the last 10 days, traders have bought to open nearly two XOM puts for every call, resulting in a put/call volume ratio of 1.63 -- in the 86th percentile of its annual range.

This prevailing skepticism isn't surprising, given Exxon Mobil Corporation's (NYSE:XOM) longer-term struggles. Year-to-date, the equity has shed about 14% of its value.

Twitter Inc (NYSE:TWTR) is down 1.6%, following a price-target cut to $45 from $55 at Evercore ISI -- although the brokerage firm maintained its "buy" rating. Nevertheless, calls are outpacing puts by a nearly 2-to-1 margin. Meanwhile, the stock's 30-day at-the-money implied volatility is up 1.5% at 49.7%, signaling elevated demand for short-term options.

Seeing the most action in TWTR's options pits today are the December 36 and weekly 12/26 41.50-strike calls. It appears the majority of the 12,887 contracts traded across these two strikes have been bought to open, as traders roll the dice on a quick bounce over the next two weeks.

From a wider sentiment perspective, today's call-skewed session just echoes the withstanding trend. Specifically, the equity's 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 2.44 ranks in the 88th annual percentile. Additionally, TWTR's Schaeffer's put/call open interest ratio (SOIR) of 0.60 rests below 75% of similar readings taken in the past year.

Technically speaking, however, Twitter Inc (NYSE:TWTR) has been on a steady downtrend since hitting its most recent high of $55.99 in early October, with the shares off 35.2% to trade at $36.27. Should the shares continue to struggle, a capitulation from option bulls could translate into a fresh wave of selling pressure.

Yandex NV (NASDAQ:YNDX) is getting pummeled around midday, down 9.5% at $16 as worries intensify over the continued slide in the Russian ruble. In fact, shares of the Internet search provider touched a record low of $15.02 earlier, landing the stock on the short-sale restricted list for a second straight day. Meanwhile, put volume is surging as traders search for alternative ways to bet bearishly on the equity.

Digging deeper, YNDX puts are crossing at 11 times the expected intraday pace, and the security's 30-day at-the-money implied volatility has charged 24.1% higher to 79% -- a new annual high. The most active option is the December 15 put, which traders are buying to open in the hopes of extended losses through the end of the week, when front-month contracts expire.

This propensity for put buying, relative to call buying, is business as usual for Yandex NV (NASDAQ:YNDX). The stock's 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 0.44 ranks near the top quartile of its annual range, suggesting speculators have had a stronger-than-usual appetite lately for bearish bets over bullish.

It was a terrible start to the week for Linn Energy LLC (NASDAQ:LINE), which shed 18.2% on Monday, after MLV & Co. reiterated a tepid "hold" rating on the shares, explaining "LINE's distribution policy appears threatened if current commodity prices persist for a significant period." Against this backdrop, the stock was sent to the short-sale restricted list, and put volume soared to three times what's typically seen, as traders looked for alternate ways to bet bearishly on the equity.

Drilling down, LINE's December and January 2015 10-strike puts saw the most action, with 9,864 contracts collectively traded here. All signs point to buy-to-open activity, as traders rolled the dice on an extended stay in single-digit territory.

In today's session, the shares fell to a record low of $9.17 out of the gate -- but were last seen 10.7% higher at $10.88, as the company's fresh influx of cash overshadows another round of dreary analyst attention. Specifically, Baird cut its rating on the stock to "neutral" from "outperform," and slashed its price target to $10 from $21, while Raymond James dropped its target price by $15 to $18.

Given yesterday's sharp sell-off, though, LINE's 14-day Relative Strength Index (RSI) is resting at 16 -- deep in oversold territory -- suggesting a near-term bounce may have been in the cards. Should the stock resume its downtrend, though, more bearish brokerage notes could be on the horizon. At present, five out of eight covering analysts maintain a "buy" or better rating toward Linn Energy LLC (NASDAQ:LINE), versus three "holds" and not a single "sell."

Whole Foods Market, Inc. (NASDAQ:WFM) calls flew off the shelves yesterday, amid unconfirmed rumors of a possible buyout attempt from Publix Super Markets Inc. Specifically, call volume nearly tripled the intraday norm, and the stock's 30-day at-the-money implied volatility spiked 6.9% to 24.8%, signaling elevated demand for short-term contracts.

Digging deeper, buy-to-open activity was detected at the out-of-the-money December 49.50 and 50 calls. These traders expect WFM to end the week -- when the front-month options expire -- atop the respective strikes.

Technically speaking, shares of the organic grocer have been on a roll recently. Since the end of October, in fact, WFM has tacked on more than 23% to its current perch at $48.47. On a similar note, over the last 40 sessions, the equity has outperformed the broader S&P 500 Index (SPX) by approximately 25 percentage points.

An unwinding of negativity on Wall Street could spell additional gains. For instance, 9.5% of Whole Foods Market, Inc.'s (NASDAQ:WFM) float is sold short, which would take almost nine sessions to repurchase, at the stock's average daily trading volume. Also, 12 out of 21 analysts covering the shares have doled out a "hold" or worse rating. In other words, WFM could benefit from a short-covering rally and/or a round of upgrades.

Among the stocks attracting attention from options traders lately are alternative energy concern First Solar, Inc. (NASDAQ:FSLR), China-based electric automaker Kandi Technologies Group Inc (NASDAQ:KNDI), and discount airline Spirit Airlines Incorporated (NASDAQ:SAVE). Below, we'll break down how option buyers are positioning themselves, and how much speculators are willing to pay for their bets on FSLR, KNDI, and SAVE.

• FSLR has struggled this year, shedding nearly 24% year-to-date to settle at $41.66 on Monday, after hitting a new annual low of $41.44 earlier in the day. Unsurprisingly, sentiment in the equity's options pits is decidedly bearish. First Solar, Inc's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 1.80 is an annual peak, ranking higher than 100% of all similar readings taken in the past year. However, per its Schaeffer's Volatility Index (SVI) of 48% -- which is in its 36th annual percentile -- FSLR's near-term options are relatively cheap, from a volatility perspective.


• KNDI has had an up-and-down year. Despite yesterday's 7% loss, the stock has risen more than 47% in the past 52 weeks to land at its current perch of $11.58. However, options traders are bearish on Kandi Technologies Group Inc, with its 10-day ISE/CBOE/PHLX put/call volume ratio of 1.09 ranking higher than 95% of all similar readings within the past year. Nonetheless, the stock's short-term options are inexpensive, on a volatility basis, per its SVI of 83% -- which ranks in the 27th percentile of its 52-week range.


• Shares of SAVE have been on a tear this year, adding over 51%. More recently, though, disappointing traffic data sent the stock reeling, with SAVE closing Monday at $68.59 -- down 19.6% from its Dec. 8 high of $85.35. However, speculators have been betting on quick turnaround. Per the equity's 10-day ISE/CBOE/PHLX call/put volume ratio, 7.72 calls have been bought to open for every put. Additionally, this ratio lands in the 93rd percentile of its annual range, suggesting an increasing desire for bullish bets over bearish. Spirit Airlines Incorporated's short-term options are pricing in higher-than-usual volatility expectations, as its SVI of 47% ranks in the 65th percentile of its yearly range.