Additional option color to add to Gary’s post on U.S. Steel, yesterday. Despite a downgrade to “neutral” by Deutsche Bank this morning and a price target reduction from $47 to $35, the action in option land has clearly been way more optimistic and bullish. Yesterday saw several thousand calls bought in the Oct 5th weekly expiration $31 and $31.5 strikes. With the stock hitting an intraday low today of $28.90 (currently bouncing higher to $29.25), 3,000 January expiration “risk reversals” (meaning sold puts and bought calls) were executed, where the client sold the January strike $28 puts and bought the January strike $31 calls for a net cost of $.30. Then a few minutes later, 1500 Nov $30 strike calls were lifted at prices between $1.50 and $1.55. In total, over 20,000 call options have traded in X so far in the first hour of trading. That is way above average option flow for this name.