Royal Carribbean Cruises (RCL) is up $1 to $6.81 and June 10 calls are actively traded. 4,659 traded and 100 percent hit ask-side. ISEE Sentiment data confirms the activity includes opening customer call buying. The bullish order flow comes ahead of a presentation at the Raymond James Institutional Investors Conference today at 4:35 ET.

Brazil Fund ETF put volume is nearly 8x normal pace today, led by a large buyer of the April 28-31-34 put fly a total of 30,000x. Shares near $35 and buyer paid 35cents to open this bearish position that features max payoff at $31, 11.4% below current spot.

Google June 320 and June 370 calls are seeing volume. Shares are up $12 to $302.89 and looks like a strategist bought the 1X2 3000X, paid $6.2.

Tyco International (TYC) is up $1 to $18.43 and 4,135 April 20 calls have traded. Open interest is 5,116, but ISE sentiment data suggests that investors are opening new positions.

Burst of put buying in Morgan Stanley at 10am as a trader used a sweep router to pay $1.50 for 5000 March 18 Puts while shares were near 18.33. Vols lower in most financials, and buyer may be closing some of the existing 37K open interest.

Disney shares flat near 15.57 despite the broad rally, but early option flow suggests a view that shares may yet see a bounce. Buyers paid 35 to 45cents for nearly 3000 April 17.50 calls while fewer than 250 puts have traded, in stark contrast to typical put/call ratio in DIS above 1.0.

Citi (C) Mar 2.5 calls are the most actively traded equity options contract early Tuesday. 8,745 traded so far. Shares are up .25 to $1.3 after CEO Pandit said bank was profitable in first two months of 2009 and that the share price doesn’t reflect capital position or earnings power.

The Dow Jones Real Estate ETF (IYR) is up 87 cents to $23.55 and a block of 15K April 20 puts was recently sold for $1.30. Looks like an opening trade as existing open interest is 458 contracts.

Rambus (RMBS) is up 77 cents to $8.66 and Mar 8 calls are active after the company reached a patent settlement agreement with Hynix. Shares rallied and 3,300 Mar 8 calls traded. Looks like sellers dominating the action, possibly closing positions opened in anticipation the settlement.

Options volume and implied volatility jumped in Take Two (TTWO) ahead of earnings after the closing bell today. Shares slipped 20 cents to $6.01. 2,670 calls and 2,673 puts traded, or about 8X the normal levels. Sentiment seemed to lean on the bullish side, with March 7.5 calls leading the order flow. Open interest increased by 1,160 contracts. Implied volatilty in TTWO jumped to 123 from about 99 the day before.