A huge long-term trade is betting that Sirius XM Radio will its hold recent gains.
More than 55,000 SIRI options have traded this morning, about triple its daily average over the last month. Almost all of the volume is in the January 2015 2 puts.
An institutional trader sold 50,000 of those contracts in two blocks for the bid price of $0.15. This is a new position, as the volume was well above the strike’s open interest of about 30,000.
— Option Monster