Some less actively traded names seeing bullish order flow: Carpenter Tech (CRS), Jet Blue (JBLU). Cardionet (BEAT). Bearish order flow: Signet Jewelers (SIG), EBIX, THS (delta neutral). Post Earnings Activity: National Semi (NSM). Pre-Earnings Activity: Veriphone (PAY), Best Buy (BBY). Ex-Div Activity: Ventas (VTR), Omnicom (OMC).

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

Delta Airlines (DAL) has seen an impressive rally ahead of the company’s Analyst Day next Tuesday. The entire sector is hot . While DAL gained 12.6 percent to $11.12, the AMEX Airline Index (.XAL) gained 6 percent. Trading in DAL options is heating up as well, with 35K calls and 7470 puts traded. Recent trades include a multi-exchange sweep of 8148 Mar 13 calls at the offer for 80 cents, which looks like an opening buyer. Average implied vols are moving as well, up to about 67 percent from 62.6 percent late yesterday.

Electronic Arts (ERTS) is down 33 cents to $16.11 after Piper Jaffray analyst said November video game sales were dismal. They suggest investors avoid ERTS and lowered its price target to $16.50 from $20. Shares are down and 13K puts traded, or about 4X the typical levels and 7X the number of call options. One player might have legged into a Jan11 12.5 – 15 put spread, planting the first in morning trading with the purchase of 4500 Jan11 15 puts at $2.225 and then the second with the sale of 3500 Jan11 12.5 puts at $1.275 at about 12:20. However, it’s also possible this was two different strategists at work. Meanwile, looks like straight buyers of Jan 17 and Mar 14 puts, with 2149 and 1001 traded, respectively.

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

A massive block of calls on the US Dollar ETF traded on the Amex this morning, with a customer buying 216,000 March 23 calls for 55cents as shares traded near $22.73. The same customer later bought 102,500 more on the PHLX for the same price, pushing total volume in the product near 400,000 contracts, or 6x normal for the ETF. Recall Nov 5 massive call buys preceded news that UUP would temporarily halt issuance of new shares. Today’s flow may indicate a similar play, or might be a very large ($723million notional) position that will perform best if the dollar strengthens into 2010.

IMS Health (RX) is down $2.81 to $18.55 and options volume is 18X the average daily. Although there are no headlines on the company, Briefing notes that an AP article out last night said that, under a new proposal unveiled by two Senate Democrats, drug companies would no longer be able to mine records and track which doctors are prescribing their medications — link to story. IMS Health, Verispan and other companies have created a multi-million dollar industry gathering such data and selling it to pharmaceutical companies. IMS is taking a hit and it appears that sellers of Dec 20 calls are leading the flow. 6620 traded so far. Dec 17.5 puts, May 22.5 calls, and Dec 17.5 calls are busy as well. Huge spike in IV, to about 80, from 30 the day before.

iShares Emerging Markets Fund (EEM) is up 17 cents to $41.37 and the EEM Jan 41 put is the most actively traded contract early Friday after a block of 20K was bought at $1.63 per contract. It might close, but it seems more likely that this is a hedge.