A name that appears in my daily article quite often, Celsion (CLSN) today saw volatility spike to levels I have never seen. Just after 1:35 pm, a huge sell order of 970K shares went off, driving the price of CLSN down 50%, and trading down to 6.17 before the stock was halted. This gets even more interesting, as CLSN saw some crazy action today in the options world, when more than 1.2M in net put premium was purchased today just 1 hour before the drop. The February 6-3 1:2 put spread, as well as many diagonal and calendar trades all over the place, betting this stock is going to explode one way or the other. CLSN currently has an implied volatility of ~440%, up another 29% on the day. It's hard to believe, but the current 8.00 February straddle is asking 7.50 to put on the trade, which implies CLSN will be below .50 or above 15.50 at February expiration. Currently, there are only 3 stocks with higher implied volatilities: Cardiome (CRME) at 500%, Alvarion (ALVR) at 543%, and Powerwave Technologies (PWAV) sitting at a whopping 600%. It is important to note these stocks are extremely thinly traded and thus, no options activity causes IV to be way overstated, as they currently trade under 1.00. Bottom line: CLSN is a stock that has options volatility continuing to explode. Regardless of your theory or opinion, it appears CLSN is in for a very wild ride in the upcoming days or weeks. Options volume was a massive 87K contracts today, which is more than 6x average daily volume, with puts outnumbering calls 1.3 to 1.