Some less actively traded names seeing bullish order flow: Docummun (DCO), Fortress Investment Group (FIG), PMI Bearish order flow: KBR, World Acceptance (WRLD), Analog Devices (ADI) Post Earnings: Brocade (BRCD), Macy’s (M), Target (TGT), Assured Guaranty (AGO), Nordstrom (JWN), Petrohawk (HK), Radioshack (RSH), Netease (NTES) Pre-Earnings: STEC, Garmin (GRMN), Toll Brothers (TOL) Ex-div.: Dominion Resources (D), Union Pacific (UNP), Whirlpool (WHR), Nordstrom (JWN), Time Warner Cable (TWC), Sherwin Williams (SHW), Penn West Energy (PWE)

Big Print in Ford Motor (F) after 125K Jan $10 puts traded at $1.21 vs. a position in Ford shares at $11.44 (+.23), on a 30 delta. It traded from broker-to-broker and appears to be part of a protective put strategy.

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

A customer sold 200 YUK March 88.5-90.5 put spreads on the ISE this morning for a 72cent credit to open a new bullish position on the Dollar/Yen exchange rate product. Proceeds exceed $14,000, which the seller hopes to realize as profit over the next four weeks. Maximum risk to the trade is about 26K, and would be experienced if the Dollar/Yen were to decline more than 1.7% over the next month from current rate of nearly 90.19 Yen to fewer than 88.5 Yen per dollar. YUK last saw these levels in December, and the seller may be hoping that early signs of the Fed’s willingness to lift rates will continue to strengthen then dollar.

Brocade (BRCD) sank $1.60 to $5.36 and options action is brisk after the company reported better than expected earnings for the most recent quarter, but lowered its fiscal year earnings and revenue outlook. The stock was hit with multiple downgrades and shares are reeling. Meanwhile, 52K calls and 17K puts have traded on the network equipment maker. The action includes blocks of Jan11 7.5 and Jan11 10 calls at the ask in morning trading, which appears to be closing call buyers exiting positions on the news.

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

Shares of Palm are down 60c to $8.50 and have lost some 12% in the past three trading sessions as it has received analyst downgrades due to weak sales projections on its deal with Verizon. Option volume is now picking up and notable three way trade in August as the $13 call, the $10 call and $6 put all trade 1,000 contracts. This appears to be rolled down out of the $13 call and into the lower strike risk reversal with package down for a 17c net credit to maintain a bullish position.

Radioshack (RSH) is off $1.21 to $19.42 after the electronics retailer posted earnings and revenues that matched Street estimates late Monday. Some investors might have been expecting better news. While shares are taking a hit, it appears that one more more investors is liquidating positions in the Mar 20 – 22.5 call spread, collecting 47 and 48 cents, more than 5000X, on CBOE and ISE.