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Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Orchid Island Capital Inc (ORC), where a total volume of 4,505 contracts has been traded thus far today, a contract volume which is representative of approximately 450,500 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 49.4% of ORC's average daily trading volume over the past month, of 912,375 shares..