Big Option Action on (CCJ) (TSL) (LDK) (SHAW) (USU)

Shares of Cameco (NYSE:CCJ), Trina Solar (NYSE:TSL), LDK Solar (NYSE:LDK), Shaw Group Inc. (NYSE:SHAW) and USEC Inc. (NYSE:USU) have been seeing some serious option action in response to the potential fallout from the earthquake and nuclear concerns in Japan.

Also having huge activity was the iShares MSCI Japan Index Fund (NYSEArca:EWJ), which soared far beyond its usual option and common stock activity.

According to data from Livevol, the the fund's options "implied volatility," was up almost 63%.

Jonathan Bensimon, Société Générale's head of equities and derivatives trading in New York, said, "The sentiment is that (Japan) could be a catalyst for a wider crisis ... if the Japanese consumer is hurt, it could hurt China, it could spread out."

Trades on the ETF were focused primarily on the March $9 puts to sell, which expire on Friday.

Concerning options on Cameco, that was largely centered on call options to buy shares over puts. Jon Najarian, co-founder of OptionMonster.com explained that saying in a note to clients, "The options [are] simply too expensive and the moves too great already to jump in and hedge exposure."

Shaw Group Inc. and USEC Inc. also some some significant option action on them.

In solar, options traders were interested in Trina Solar Ltd. and LDK Solar Co., which were looking for short-term upward movement in Trina stock, while LDK investors were looking at a call butterfly, targeting options which will expire in September.

iShares MSCI Japan Index Fund closed Monday at $10.05, down $0.76, or 7.03 percent. Cameco closed at $32.62, down $4.76, or 12.73 percent. Trina Solar closed at $26.00, gaining $1.77, or 7.30 percent. LDK closed at $11.58, up $0.94, or 8.83 percent. Shaw Group closed at $34.87, falling $3.54, or 9.22 percent. USEC ended the session at $4.59, losing $0.57, or 11.05 percent.