Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in American Airlines Group Inc (NASD: AAL), where a total volume of 42,032 contracts has been traded thus far today, a contract volume which is representative of approximately 4.2 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 48.4% of AAL’s average daily trading volume over the past month, of 8.7 million shares.