Bearish speculators are taking advantage of today's sharp move higher in Nokia Corporation (ADR) (NYSE:NOK - 3.08) to stock up on longer-term put options. Midday, put trading is three times more active than usual -- with 53,000 contracts trading already -- and is roughly doubling call activity so far today.

Notably active is the January 2013 3.5-strike put, where roughly 21,000 contracts have traded on open interest of 7,200. Most blocks have crossed the tape at or near the ask price, and today's volume-weighted average price (VWAP) for the put is $0.85. It's probable, therefore, that these in-the-money puts are being bought to open.