Some less actively traded names seeing bullish order flow: Torchmark (TMK), Jackson Hewitt (JTX), Armstrong World Industries (AWI), Cytori Therapeutics (CYTX). Bearish order flow: Millicom (MICC), Aon (AOC), Sasol (SSL). Post Earnings Activity: None. Pre-Earnings Activity: Staples (SPLS), Guess (GES). Ex-Div Activity: Home Depot (HD).

*Scanning all single-stocks subject to 2500 contracts minimum call or put volume

Skechers shares are off 70c to $21.70 notable put trade of a purchase of 5,800 of the Jan. $20 puts at the 80c asking price. The prior open interest in the strike was just 686 contracts and this trade represents 15x the average daily volume for the options in this name. Shares of the footwear maker have skidded some 18% in the past month after hitting a 52-week high of $25.30 and are now threatening to break support at here at the $22 level.

Terra Industries saw notable put volume as the December $39 puts and January $40s have traded over 6,500 contracts each. A block of 5,000 went off as a spread with new purchase of Jan. and sale of Dec. as traders take defensive positions as the TRA, CF Industries and Agrium (AGU) deal making unfolds.

*Scanning all single-stocks subject to 2500 contracts minimum call or put volume

The top trades so far today are in the Select Sector Financials and the PowerShares Qs (QQQQ). In the XLF, 50000 Jan 12, 13, and 14 puts traded along with 50000 Jan 16 calls (all 2010s and all traded BD-to-BD). Looks like the initiator bot calls and sold puts against a postion in 1.25 million XLF shares at $14.50. Some of the options legs might be closing, as open interest is sufficient to cover all four contracts. XLF is up 15 cents to $14.43.

Sun Micro (JAVA) is up a penny to $8.53 and the Dec 7 – 8 put ratio back spread (5X2) trades 20000X. The strategist collected 10 cents on Dec 8 puts 20000X and bot Dec 7 puts at 6 cents, 50000X. Both legs look like new positions and, if so, this might be a short-term hedge because it makes profits if shares fall below about $6.30. The max loss is at $7 at expration.

Archer Daniels Midland (ADM) slipped 25 cents to $30.40 and early trades include lots of Dec 31 calls at the offer for 45 and 50 cents. 2175 now traded vs. 3892 in open interest. Co. is due to present at a Citi Food Fest Manufacturing Conference on Dec 3.