Option Block 306: Crazy Biotech Action

Trading Block: A mild selloff on the street. Still not many bids for volatility, except in select names. VIX due for a spike according to the Wall Street Journal. NPR calls options "The riskiest place to invest outside of penny stocks."

Odd Block: Puts trade in Clovis Oncology Inc. (CLVS), puts trading in Alnylam Pharmaceuticals Inc. (ALNY), puts trade in Five Below Inc. (FIVE), and calls trade in China Finance Online Co. (JRJC).

Xpress Block: A big mover on the OX desk was LULU. Stealth selloff in crude and the 10-year. Beam bought by Suntory today for $16B.

Strategy Block: Tosaw discusses one small piece of trading spreads with 3-4 legs.

Around the Block: Earnings around the block: BAC on 1/15; CITI, GS, and INTC on 1/16.