CYD is trading $18.74. <img src="http://1.bp.blogspot.com/_hMry1m7UF10/TFwxkpsw6fI/AAAAAAAAD7w/Ep9zDOaBcQM/s1600/cyd_summary.gif"> The company has traded over 19,000 options in the first hour on total daily average option volume of just 657. The largest trade accounted for essentially all the volume; buy the Sep 17.5/15 put spread and fund that with a Sep 20 call sale. Mike Bristow of Vtrader Group gave me color. The Stats Tab and Day's biggest trades snapshots are included (<A href="http://livevol.blogspot.com/2010/08/cyd.html">in the article</a>). The Options Tab (<A href="http://livevol.blogspot.com/2010/08/cyd.html">in the article</a>) illustrates that all three strikes were opening (trade volume >> OI). <b>Trade Stats</b> Buy 6,350 Sep 17.5 puts for $0.85 Sell 6,350 Sep 15 puts @ $0.15 Sell 6,350 Sep 20 calls @ $0.60 This gives us a put spread for $0.70 and selling calls to fund it yielding a total of $0.10 debit. The PnL chart is included (<A href="http://livevol.blogspot.com/2010/08/cyd.html">in the article</a>). The Skew Tab snap (<A href="http://livevol.blogspot.com/2010/08/cyd.html">in the article</a>) illustrates the vols by strike by month. The trades are up and down the skew; selling the highest and lowest, buying the middle. The bet is pretty simple; CYD goes down below $17.40 by Sep expo, or vol jumps on the bottom side of the skew (market decline). Finally, the Charts Tab (6 months) is below (<A href="http://livevol.blogspot.com/2010/08/cyd.html">in the article</a>). The top portion is the stock price, the bottom is the vol (IV30™ - red vs HV20™ - blue). The yellow shaded area at the very bottom is the IV30™ vs. the HV20™ vol difference. Notice how high the IV30™ is relative to the HV20™ (50 vs 33). I like that this bet sells two options for the one purchased. The 52 wk range is [$8.16,$21.68]. This trade starts to lose size above $20. This is trade analysis, not a recommendation. Details, trades, prices, vols, skews, charts here: http://livevol.blogspot.com/2010/08/cyd.html