Some players in the options market strangled the iShares Emerging Markets Fund (EEM) for a second time this week. On Monday, we saw interest in the EEM March 40/35 strangle. Wednesday, attention turned to the December contracts.

Some options traders bought strangles on PXP, a sign that some expect the volatility in the share price to continue. The stock has a 52-week high and low of $79.86 and $35.31. Earnings due out on August 6.

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.