E-Trade Financial (ETFC, news, chart, volatility) trading actively today, with call activity leading puts by a ratio of 2:1. Stock is nearly 5% higher on the day, to $3.44, and flow is concentrated at the Jan-09 $4 strike, where call buyers have accumulated naerly 2000 contracts on the day, paying from 40 to 65 cents and causing implied volatility of the option to lift nearly 20 points to 106%. While the 52 week low for ETFC was set in January at $2.08, the stock is nearly 70 cents higher than early last week.