Some less actively traded names seeing bullish order flow: Lindsay (LNN), Paragon Shipping (PRGN), Ion Geophysical (IO) Bearish order flow: Origin Agritech (FEED), Consolidated Comm (CNSL), Schwietzer Maudit (SWM) Post Earnings: Joy Global (JOYG), Big Lots (BIG), Costco (COST) Pre-Earnings: Ciena (CIEN), Suntech Power (STP), Urban Outfitters (URBN), Take Two (TTWO), SINA, Canadian Natural Resources (CNQ) Ex-div.: None.

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

PowerShares Bullish Dollar Fund (UUP) is off 18 cents to $23.47 after the euro found support from recently announced austerity plans in debt-ridden Greece. In the options market, UUP March 23 calls are seeing noteworthy action. One player sold 51000 contracts at 47 cents each, probably liquidating a position as UUP slips Wednesday. Open interest in those March 23 calls is 348K and the second largest of any ETF contract. (XLF March 14 put is the biggest.)

OSI Pharmaceuticals (OSIP), which rallied almost 60 percent Monday after Astellas Pharm made a $52 per share cash bid for the biotech, touched a new 52-week high of $57.3 per share today. The stock is now off a nickel to $56.95, but still above the takeover price because some believe that the hostile offer could put OSIP into the auction process. The company’s Board has said it isn’t interested in selling at the current offering price of $52 per share. Consequently, players are still bracing for potential volatility in OSI’s shares. One paid 75 cents for July 45 puts, 10000X today. April 55 calls are the most actives and includes the purchase of 2000 contracts at $3.20 each, tied to shares at $57, delta neutral. 15K now traded.

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

Shares of Tivo up 20c to $10.23 and option volume is 2x the daily average. Notable trades include 5,000 of the March $10 calls and 5,000 of the April $11 calls in what appears to be a roll up and out. The May $12.50 calls has traded 3,067 contracts with a 1,500 block going at the $1.05 bid.

Medivation (MDVN) is reeling, down $27 to $13.25, after the biotech’s Phase 3 studies of Dimebon failed to meet goals. Early options action is brisk, with 20K calls and 11K puts traded so far. A lot of the activity appears to be closing. For example, 1200 Mar 30 – 22.5 put spreads at $7.50 is probably a closing spread. Yesterday, an interesting opening trade in MDVN included the purchase of 9800 April 40 puts at $14 each along with the purchase of 5900 March 25 calls at $17.60. The puts have rallied to $26.50 and the calls are now worthless. The result appears to be a profit on the overall position, so far.

Stocks are indicated modestly higher on better-than-expected jobs data and a round of mixed stock news Wednesday. Less than thirty minutes before the opening bell on Wall Street, stock index futures hint at a possible 20 or 30-point early gain for the Dow Jones Industrial Average.

Stock index futures ticked higher Wednesday morning after ADP reported that the US economy lost 20,000 private sector jobs last month. Economists were looking for a larger 50,000 loss. The report holds sway because it comes two days before the Labor Department releases its monthly report. Economists expect Friday’s report to show the economy shedding 20,000 jobs in February.

First, attention turns to the ISM Services Index at 10:00 a.m. eastern time. Economists expect the gauge of economic activity outside of manufacturing to edge up to 51.00 in February, up from 50.5 the month before.

The Fed’s Beige Book, which offers a qualitative assessment of economic conditions, is due out at 14:00.

Bonds are seeing losses on the better-than-expected jobs report. The benchmark ten-year Treasury is off 7/32nd and now yields 3.63 percent.

The dollar edged down .05 to 88.75 against the Japanese yen. The euro gained .0022 to 1.3637 after Greece unveiled new austerity measures totaling $6.53 billion. The plan is intended to help the country meet its deficit-cutting plans for 2010.

Crude oil gained 59 cents to $80.27 ahead of weekly inventory data due oat 10:30. Gold added $2.2 to $1139.60 an ounce.

In stock news, another takeover was announced. Novell (NOVL) shares jumped 28 percent after hedge fund Elliott & Associates made a $5.75 per share bid for the software maker.

Costco (COST) shares are down nearly 4 percent after the retailer reported a 70-cent per share quarterly profit, which missed Street estimates by two cents. BJ Wholesales (BJ) and Big Lots (BIG) are also down on earnings. Medivation (MDVN) shares are reeling, down 67 percent, after two Phase 3 studies of Dimebon failed to meet goals.