Wyeth (WYE, news, chart, volatility) options traded twice their normal volume today, with shares losing 10% and trading near 32.30 with 2 minutes left to go. Nearly 10,000 calls have traded in WYE, against 964 puts, and flow indicates a bullish view that shares may recover over the near term. Nearly 3000 Jan 37.5 calls have traded, with majority of the flow on the offer and implied vol lifting 7% at the strike. Jan 40-50 call spread traded earlier in the day 1850x for 82.5cents, possibly closing some of the open interest at the strikes.