FMCN is trading $18.06, up 2.1% with IV30™ down 10.5%. The company has earnings in the next few weeks (projected). <img src="http://4.bp.blogspot.com/_hMry1m7UF10/TGq0WGariXI/AAAAAAAAEIs/j2XPyaWtBds/s1600/fmcn_summary.gif"> The company has traded over 7,300 options in the first three hours on total daily average option volume of just 2,281. The interest is selling; mostly in Sep. The Stats Tab and Day's biggest trades snapshots are included (<a href="http://livevol.blogspot.com/2010/08/fmcn.html">in the article</a>). The Options Tab (<a href="http://livevol.blogspot.com/2010/08/fmcn.html">in the article</a>) illustrates the action and that it's mostly opening (compare OI to trade size). Before we look to the skew, let's look at the Charts Tab (<a href="http://livevol.blogspot.com/2010/08/fmcn.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. Look how the IV30™ has stayed high as the HV20™ has dropped off. There is still a 16 point vol difference even after today's 4+ point drop in IV30™. Note that earnings are due out in 1-2 weeks; probably after this expo. The Skew Tab snap (<a href="http://livevol.blogspot.com/2010/08/fmcn.html">in the article</a>) illustrates the vols by strike by month. I've highlighted the downside skew. The trades have netted short straddles and short puts. A ~$2 straddle sale in Sep is sitting up there. The stock's 52 wk range is [$8.35,$19.26]. I like that this sells the elevated vol. Not sure about a naked straddle on this one. This is trade analysis, not a recommendation. Details, trades, prices, vols, skews, charts here: http://livevol.blogspot.com/2010/08/fmcn.html