Financials are giving back some of the gains made over the past weeks, with benchmark XLF down 46cents to $16.04. Among component stocks in the ETF, flow in WFC, C and BAC lead the activity, with WFC shares nearly 2% lower and larger declines in BAC and C. Option flow in all three names is relatively light, with call activity edging out puts and out-of-the-moneys seeing most of the volume. In one bullish trade, WFC Jan-09 35 calls, currently $1 from spot, were bought 1500x on the NYSE for $3.80, but 15 minutes later the opposite view was expressed as a buyer took 5000 Nov 34 puts for 1.825 on the ISE.