At least one strategist in the options market seems to share a bullish view on Range Resources. At 14:30 Eastern time, an order of 5,000 December 50 calls traded offerside for $4.10 a contract on the PHLX. At the same time, 5,000 of the December 65s traded bidside for $1.30 a contract. The trade has all the signs of a substantial bull call spread.

Some players are betting on a short-term reversal in gold with bullish spreads on the GDX.

Petrohawk Energy (HK, news, chart) is seeing double its normal trading volume, as players take positions in anticipation of volatility in the share price. The stock is trading up 80 cents to $41.85 and 15,000 puts along with 18,000 calls have traded on the day.