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

Carnival Cruise Lines shares are off 30c to $32 saw a sweep of 7,910 of the January $35 calls at the 65c asking price. Prior open interest in the strike was 5,072 so this should translate into fresh position. Company slated to report earnings during third week of December.

Two more big prints in BofA (BAC) — see 11:30 collor. Like the last, the focus is on the January 2011 calls. However, unlike the previous trades, which included buyers of both 25s and 30s, this was a Jan 20 – 30 1X2 ratio spread traded at $1.03 from BD-to-BD — possibly initiated by a seller closing a position.

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

Big prints Bank America 2011 options: 50,000 of the $25 calls were bought at 86c and 100,000 of the $30 calls also purchased for 45c. This is a somewhat odd ratio spread, but one or both legs might close because existing open interest is sufficient to cover.

Origin Agritech set a 52w high and is up 10% today, near $11.80, after yesterday’s near doubling from the $5.00 level, and today’s options flow suggests defensive positioning, with put buyers and call sellers dominating early activity. Nearly 7000 each of the Dec 10 calls and puts have traded, with early call sellers collecting $1.50 and put buyers paying 75-80 cents when shares were near 11.70. Yesterday as shares lifted, more than 50,000 Dec 10 calls traded, including customer sales of two large blocks of 9000 for 20 and 55 cents to open new positions when shares were below $10. Traders on the buy-side of those trades may be taking gains today as those calls are now over $2.

A trader is looking for a comeback in SunPower (SPWRB) after accounting worries in a Solar sector that has been performing rather well, despite the pullback in oil prices. The strategist bought the January $17.50/$25 call spread for $2.50 on 1,500 contracts Monday for a potential $5 profit per spread. Implied volatility of 63% is only at the 10 percentile, so relatively cheap. If shares can climb above $20 we could see shorts get squeezed for a gap fill to $23.45. Shares are now trading 11.9X earnings and 4.4X cash for an established solar panel manufacturer that is beaten down

Stocks are set to open mixed after the Commerce Department revised its lower its estimate for third quarter economic growth. Thirty minutes before the start of trading in New York, stock index futures hint at modest early losses for both the Dow Jones Industrial Average and the NASDAQ.

Stock index futures slipped into the red after the Commerce Department said third quarter GDP increased at a 2.8 percent annual rate in the third quarter. The number was in-line with economist estimates, but the data also showed consumer spending increasing 2.9 percent and less than the 3.4 percent initially reported. A wider trade deficit and less business investment were also responsible for the lower GDP number.

Additional data due out Tuesday morning include the Case Shiller home index at 9:00 a.m. eastern time and a report on consumer confidence at 10:00.

Attention turns to the FOMC minutes this afternoon and a deluge of economic data is scheduled for Wednesday, ahead of the holiday Thursday.

Bonds are seeing modest gains on the poor GDP print. The benchmark ten-year Treasury is up 6/32nd and now yields 3.325 percent.

The dollar lost .59 to 88.38 against the yen. The euro added another .0021 to 1.4985 against the buck.

Cruse oil is off 18 cents to $77.38 a barrel, but gold added $5.30 to $1170 an ounce.

Among the stocks to watch, Dow component Hewlett Packard (HPQ) is down .6 percent after the computer maker reported quarterly earnings of $1.14 per share, which topped analyst estimates by a penny.

Heinz (HNZ) and Brocade (BRCD) are also trading lower on earnings news. American Eagle (AEO), Medtronic (MDT), and Analog Devices (ADI) are seeing post earnings strength. Taser (TASR) is up 2 percent after the company confirmed New Jersey approval of electronic stun gun devices. GE might help the Dow after JP Morgan said, after meeting with CFO, shares look attractive.