Transocean LTD's (NYSE:RIG) recent pullback had put players circling on Wednesday. Around 14 000 contracts crossed the tape more than doubling the average daily volume for put options. Via RIG's weekly series of options speculators placed bets that this negative price action will continue in the short term. Specifically the stock's 2/8 54- and 55-strike puts saw a collective 4 616 contracts cross mostly at the ask price. Implied volatility ticked higher at each strike and open interest rose overnight indicating the initiation of new bearish positions. By buying the out-of-the-money 2/8 54-strike put for a volume-weighted average price ...