Some less actively traded names seeing bullish order flow: Banco Santandar (BSBR), Vishay Intertechnology (VSH), Biovail (BVF). Bearish order flow: Devry (DVY), Strayer Education (STRA), Children’s Place (PCLE). Post Earnings Activity: Staples (SPLS), Guess (GES), Omnivision Tech (OVTI). Pre-Earnings Activity: Shanda Interactive (SNDA), Shanda Games (GAME), Smith and Wesson (SWHC), Copart (CPRT). Ex-Div Activity: Pepsico (PEP), Kimberly Clark (KMB).

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

Big Prints in some of the financial names Tuesday. In Citi (C), a strategist sold the Jan (2011) 1 – 2.5 put spread at 18 cents, 20000X on AMEX and CBOE. A block of 8,818 Wells Fargo (WFC) Jan 22.5 puts traded ask-side at 27 cents on BOX. 25000 BofA (BAC) May 20 calls were sold at 75 cents each on AMEX against shares at $16. In the Select Sector Financials (XLF), the top trade is 10000 Dec 13 – Jan 12 put spreads at a nickel on NYSE, which looks like a roll from one month to the next.

ProShares Ultra Real Estate ETF (URE) is up 22 cents to $6.26 and some short-term traders are paying a nickel for Dec 7 calls as a cheap way to play a move higher in the REITs. 9113 contracts traded. 17K calls and 7,110 puts traded on the fund total, or about 3X the typical activity for midday action. URE is designed to move 2X (200 percent) the DJ Real Estate Index, which consists of 75 different REITs and real estate companies.

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

InterOil (IOC) gapped higher and is up $5.40 to $61.30 per share after the company announcd that its Antelope 2 well flowed at a world record rate of 705 mmfd, including 11.2K Bbls per day of condensate. Shares hit a new 52-week high on the news and options volume is running 2X the average daily. The top two trades: 1500 and 1198 Dec 65 calls at $2.42 and $2.40 are opening customer buyers, according to ISEE data. Looks like sellers are dominating the action in Dec 55 puts.

Supervalue shares are up 30c to $14.20 and option volume is 6x the daily averge. Notable trade risk/reversal in which the April $12.50 puts were sold 3,000 times at 70c and the April $15 calls were purchases 2,400 times at 90c a contract. Shares of the grocery retailer have declined 17% in the past three weeks and had a gap lower opening yesterday which has yet to be filled despite this morning’s gains. The company is scheduled to hold a conference call tomorrow at 2:00 PM, earnings are not slated until second week of January

CableVision (CVC) was the subject of a bullish trade Monday, after a 2,500 contract risk reversal in March, selling the $20 puts and buying the $25 calls for a debit of $1.35 per spread. Shares were at $24.60 so this is a less risky reversal, but leverages funds for a move higher in shares.

CVC has consolidated above its 200 week EMA, and are forming a cup and handle with a breakout level coinciding with trend off the multi-year highs resistance at $26. Cablevision implied volatility is near the high end of the last 3 months at 48%. The cable provider trades 14X cash flow and was recently raised to Buy with a $28 target at Kaufman. There has been a lot of M&A talk in cable, and CVC recently posted a triple in profits, so it is a growth player in the industry.