Some less actively traded names seeing bullish order flow: Corinthian Colleges (COCO), Golden Star Resources (GSS), Zoltek (ZOLT) Bearish order flow: Brinker (EAT), Continental Resources (CLR), Williams Partners (WPZ) Post Earnings: Ann Taylor (ANN), National Semi (NSM), Aeropostale (ARO), ATP Oil and Gas (ATPG) Pre-Earnings: GTX Inc. (GTXI) Ex-div.: H-P (HPQ), Terra Industries (TRA), Methanex (MEOH)

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

Citi (C) has seen heavy trading this week and, after a four-day 19.4 percent rally, shares are down 20 cents to $3.98, falling to session lows. Another 1.34 million calls and 565K puts traded on the bank today. The top two options trades so far today: 140K and 112K Jan $5 calls at the asking price of 36 cents on AMEX. The 112K were sold and might close an existing position. Open interest in the Citi Jan 5 calls is more than 1.8 million and by far the largest of any options contract. The high OI in the Jan 5s seems to reflect a view shared by some investors that the worst is over and shares will settle above $5 at the Jan 2011 expiration. However, C is down today and Oppenheimer notes that after the recent run-up, with 30 bln shares outstanding, Citi’s market cap is now approaching its bigger competitors. The firm sees the stock as fairly valued.

A handful of restaurants are seeing bearish flow today. Darden Restaurants (DRI) is down 24 cents to $42.04 and 2770 Mar 41 puts traded (100 percent Ask). Brinker (EAT) is down 24 cents to $19.76 and 2213 April 17.5 puts (99 percent Ask). Panera Bread (PNRA) is off 31 cents to $78.96 and 1257 April 75 puts traded (100 percent Ask).

Note: In flow monitor, you can see the most actives in this sector using @condi2

Intrepid Potash (IPI) is seeing relative strength and active options trading on the heels of upbeat earnings guidance from Potash (POT) — see POT 9:40 color. IPI is up $3.23 to $31.65 and options volume is 6X the recent average daily, with 14K calls and 3000 puts traded. The action is scattered across March and April calls with strike prices ranging from 29 to 35. Implied volatility is easing about 3 percent to 39.

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

Alcoa (AA) is up 4 cents to $13.68 and a block of 5986 April 12 puts at 18 cents on the ISE is an opening customer buyer, according to ISEE data. 12.2K now traded. Looks like some hedging activity. AA is due to release earnings April 12, according to the company’s web site, and before the April expiration.

Potash (POT) is up $9.32 to $126.25 and POT options are seeing brisk trading after the company increased its first quarter earnigns guidance to $1.30 – $1.50 per share, from .70 to $1.00. 17K calls and 5660 puts traded on POT so far. The top trade looks like an April 100 – 125 strangle, bought at $7.83, 400X.