Options in Motion: Intel

Google and Pfizer are among the other active options.
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Option volatility was relatively subdued as investors, who are known to love round numbers, kept a watchful eye on the psychologically meaningful

Dow

11,000 mark.

The market's fear gauge, the CBOE Market Volatility Index (VIX), was unchanged at 11.85. The VIX measures the implied volatility of the

S&P 500

options. The CBOE Nasdaq Volatility Index, a metric for the implied volatility of the Nasdaq 100, was up 3% to 15.22.

Intel

(INTC) - Get Report

had the January 25/27.50 call spread trade 25,000 times. A trader appears to have sold the 25 calls and bought the 27.50s for a net credit of $1.60. The stock was up 5 cents to $26.91.

General Motors

(GM) - Get Report

continued to see activity in its outer-month options. The March 10 puts have traded 19,300 contracts, which is almost half of the open interest. The trade could be hedging taking place in the credit default market or speculation from an investor expecting the stock to keep dropping. Shares of GM were down 14 cents, or 0.6%, to $23.08.

Google

(GOOG) - Get Report

options were busy as the stock traded down 3.5%. The bulk of the trading was concentrated in its November options. The 410 calls have traded 16,000 times and slid $10. The 420 calls changed hands 17,000 times and lost $7.80.

Meanwhile, the 400 puts have traded 15,000 contracts and were up $3.30. Since the stock can be so volatile, most option traders focus on the front month options. The stock was down $15.02 to $408.46.

The January 17.50

Cisco

(CSCO) - Get Report

calls traded 15,000 times. Shares of Cisco were up 27 cents, or 1.5%, to $17.75.

Pfizer

(PFE) - Get Report

,

Bank of America

(BAC) - Get Report

and

Dell Computer

(DELL) - Get Report

also drew active trading.

The December 22.50 Pfizer calls traded 31,700 contracts, about one-third of the open interest. The stock was adding 3 cents to $21.62. Meanwhile, Bank of America had the December 45 puts trade 9,500 times. The stock was up 36 cents to $46.92. Dell's January 32.50 calls were swapped 8,400 times. The stock was gaining 53 cents, or 1.8%, to $30.75.