By Jon "DRJ" Najarian, co-founder of OptionMonster.

JPMorgan is drawing heavy options volume today as the company puts in a fresh 52-week low.

The average daily total of both calls and puts is 73,000 for a full session, but today there were 285,000 contracts by midday alone. Puts outnumbered calls by 159,000 to 126,000 in bearish trading, according to OptionMonster's tracking systems.

JPM started off strong this morning along with other stocks, hitting a session high of $17.67 before slumping to $14.96 -- more than a dollar below its previous yearlong low. The shares are now down 5.8% on the day to $15.64 in afternoon trading. The stock was trading over $28 only a month ago.

Full disclosure: I am a friend of JPMorgan CEO Jamie Dimon, as our daughters went to the same school in Chicago. But as always, our Depth Charge tracking program is an uncaring algorithm that is a friend to no man or woman.

The writer holds no securities mentioned in the article.

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