Susquehanna options strategist Alison Edwards notes continued bearish positions positioning in Altria Group (NYSE: MO). as an investor bought 4k Jan 65 Puts for $2.54. Investor buys volatility and breaks even on the options on a 5% pullback by mid-Jan. This follows the 2.5k Dec 65 puts bought on Monday, even though Dec and Jan expiry are unlikely to capture earnings, estimated for 1/31.