Weyerhaeuser (WY, news, chart) is seeing a second day of unusual trading volume. Yesterday, we observed bullish order flow in WY, with increasing action in the September 55 and 60 calls. The action came before an earnings report due out Tuesday and amid general strength in the paper sector after rival International Paper (IP) reported strong earnings. Today, shares are bucking the bearish trend. While the S&P 500 is down 7.75 points in midday trading, WY is up $3.14 to $56.60 and not far from session highs ($56.90). Volume in the options market is running 8 times the usual, with 22,000 calls and 3,400 puts trading on the day. No other news to explain the big gains in the shares or the surge in call volume Friday. It hints at something pending.