Bullish sentiment is building in ValueClick (VCLK, news, chart) despite a decline in the share price. VCLK is down 13 cents to $15.11 and 5,600 call options have traded, or roughly ten times the number of put options. The July 17.5 calls are the most actives, with 3,383 contracts traded and 80 percent hitting offerside. Another 1,100 of the July 15 calls have traded, with almost all (98 percent) trading askside. Consequently, directional sentiment based on today’s order flow is 72 percent bullish and the optimism appears to be tied to renewed takeover chatter, with Microsoft (MSFT) mentioned as the interested party this time around. Initial reaction to the chatter…there’s less than two hours left in the first quarter.