Meanwhile, overall option volume has accelerated to four times the usual level on GFRE, with roughly 5,065 calls and 3,692 puts crossing the tape at last check. The most active strike is the May 2.50 put, where 2,094 contracts have been exchanged. The majority of these puts traded near the ask price, and implied volatility on the option has jumped 23.3 percentage points -- indicating these out-of-the-money puts were probably purchased.

Given GFRE's technical free-fall, this rising tide of pessimism isn't too shocking. GFRE has shed about 61% of its value in 2011, and tumbled to a new all-time nadir of $2.30 today.