By David Russell, reporter at

Bull digging into James River Coal ( JRCC): The miner has gone nowhere since the 2008 financial panic, but one trader is looking for a pop as earnings approach.

Dollar breaks higher as euro wanes: Standard & Poor's downgrades Spain's credit rating, making it the third of the PIIGS nations to be lowered in just two days and the largest economy to be marked down so far.

Why traders are buying Hertz ( HTZ - Get Report) puts: Traders are picking up puts on HTZ, likely protecting gains from the gap earlier this week as the company announced that it would buy Dollar Thrifty ( DTG).

Bulls looking for rebound in Alcoa ( AA - Get Report): The aluminum giant's shares have returned to a support level from last month, and traders are looking for a bounce.

Strategy bets eBay ( EBAY - Get Report) will stay in range: One trader appears to be betting that the auction giant's shares will move back to the highs -- or the lows -- of the last six months.

Protection adjusted in NII Holdings ( NIHD - Get Report): The emerging-market telecom has been drifting lower before this week's earnings report, prompting one investor to adjust a protective position.

SPDR S&P 500 ( SPY) sees unusual downside volume: We do not find unusual SPY trading often, but when it comes, it is often in the Quarterly series that only a few of the exchange-traded funds include.

Wednesday Pre-Market

A case to be made for gold miners: Gold miners were one of the best sectors in Tuesday's market as traders flocked to an industry that stands to benefit from sovereign distress.

Bulls charge into Administaff ( ASF) calls: The human resources company rarely sees much option activity but yesterday drew upside trading ahead of its earnings report Monday.

Why Yamana Gold ( AUY) calls are in play: The mining company outpaced the broader market yesterday, and the calls were particularly active in the June contracts.

Strategy remains bullish on DSW ( DSW): The shoe retailer's shares exploded higher yesterday on bullish guidance, and one big investor positioned for the stock to keep rallying.

Trader sees Copano ( CPNO) hitting a top: Shares of the energy company fell yesterday after establishing a new 19-month high, and one investor is heading for the exit.