By Jud Pyle, CFA, chief investment strategist for the Options News NetworkLooking at Liberty Global ( LBTYA), we see that 10,000 of the Jan 2010 15 puts have traded today. Current open interest in these put contracts was previously just 20 contracts, according to the Sidewinder report at www.onn.tv. So it is easy to determine that today's activity will likely translate as new open interest. What is interesting about this activity is that this volume was initiated by one buyer. The puts traded for around $4, making the trade worth $4 million and meaning the investor needs the stock to close below $11 at January expiration for the puts to make money. That is a drop of almost 35% from current levels (but the stock has about nine months to make the move).