Huntington Bancshares trading 20% higher today, just over $2 and volume surging at the March 2.5 call, with sellers collecting 20 cents for a total of nearly 5000 contracts.

Bank Rate (RATE) is down sharply during the past hour, from $23.6 a share to session lows of $21.14, then bouncing back to $21.50 (-3.56). Options activity has picked up to twice the typical levels, with 1600 puts and 970 calls traded. Jan 15 puts are the most actives .Looks like sellers of Mar 20 calls.

2-Day Rally Pushes Prices Beyond $45

Large 6-way spread in WFC appears to be rolling-out of a short view. Shares near 14.52 and a cust paid 2.10 for 25,000 April 10-15 put spreads, bought 5000 April 12.5 puts for 1.95 and bought 10,000 April 16 puts for 3.70 against a sale of 25,000 March 15 Puts for 2.10 and a buy of 10,000 Mar 17 puts for 3.40. Marches likely close, Aprils likely open.

Dell Computer (DELL) calls are active ahead of earnings after the close. 59K contracts traded, or almost 4X (393 percent) the expected for this time of day. March 8 and 9 calls are the most actives and recent trades include 5,292 Mar 8 calls at the offer for 84 cents and 4,871 Mar 9 calls on the bid for 37 cents. Looks like openng trades in the $8 strike, with 14.3K traded total, or almost double existing open interest. Shares are down 3 cents to $8.33 ahead of the news.

Suncor shares are up 12% today, near 20.70, and option volume is triple normal levels, with flow dominated by put buyers who may be taking gains on the recent run from $17. More than 12,000 puts have traded, with buyers paying 52cents for more than 7000 far-downside Jan 7.5 Puts that may close a short sale from January. Customer also paying 1.10 for 3000 April 17.5 puts earlier today, those will create a new position.

Interest in Yamana Gold (AUY) Mar 8 calls continues. Open interest in the contract is up from 7000 to 44K, or 530 percent, over a little more than one week. AUY up 42 cents to $8.73 and another 3,100 contracts traded.

Freeport McMoran (FCX) made a run to $31.91 and broke above its Jan highs to its best levels since early November. Shares are up $1.61 to $30.93 and Mar 35 calls are seeing heavy trading in recent action. 27.4K now traded, compared to 24.9K of open interest.

Investor relations confirms earnings are NOT today. They normally post the earnings release date a week before the actual announcement. Noteworthy trades today include April 5/7.5 call spread bought 5000X for 90 cents on the PHLX. Possibly closing.

Strayer Education (STRA) is down $9.96 to $163.48 and March 155/140 put spread trades 1000X for $4.55 on NYSE. Looks like a buyer opening a new position.