Some less actively traded names seeing bullish order flow: FLIR Systems (FLIR), TBS International (TBSI), Colgate Palmolive (CL) Bearish order flow: Associated Bancorp (ASBC), ION Geophyisical (IO), PHLX Housing Sector Index (.HGX) Post-Earnings: PALM, SunPower (SPWRA) Pre-Earnings: RedHat (RHT), Adobe (ADBE) Ex-div.: iShares Telecomm ETF (IYZ)

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

PALM shares are down another $1.44 to $4.20 and have plummeted more than 70 percent in a little over two months. Today’s debacle comes after PALM said it lost 61 cents last quarter, and 19 cents worse than Street expectations. Plus, fourth quarter revenues are likely to amount to about $150 mln, according to management, and far less than the $308.5 mln analysts had expected. One analyst (Kaufman) warns that, faced with dwindinling cash, the company has few options except to either 1) raise capital or 2) sell itself (take under). As one might expect, options action is brisk, with 102K calls and 111K puts traded so far. Implied volatility rallied 20 percent to 136.

Best Buy (BBY) is up 72 cents to $41.17 and options volume is 3X the recent average daily after Goldman upgraded shares to Buy from Neutral. March 41 calls are the most actives after 17K traded ahead of the expiration. Beyond that, the top trade is a block of 3218 April 44 calls at 57 cents on ISE, which is an opening customer buyer, according to ISEE data. Another 6365 April 36 puts traded, including an opening buyer of 1342 contracts at 24 cents each. Overall, shares are up, but the tone of trading in BBY options seems to reflect somewhat mixed sentiment. Implied volatility is up about 3 percent to 34 ahead of a Mar 25 earnings release.

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

Cameron International (CAM) is under pressure today, down $1.25 to $41.92. A day earlier, shares of the Houston-based oil driller lost $1.16 to $43.17 and put volume picked up to 4X the typical levels. About 5,000 contracts including lots of April 42.5 and 45 puts at the asking price in midday action. At the end of the day, open interest in the 45s had increased by 2033 and in the 42.5s by 1940. Looks like put buyers are opening positions as shares of CAM see two days of relative weakness. Implied volatility is up to 36, from about 34 two days ago.

Bank of America (BAC) was trading around $17.15 in pre-market, but opened at $17 and is now down 13 cents to $16.95 (session lows) in active early trading Friday. In the options market, BAC April 13 puts are the most actively traded contract in the first 15 minutes. More than 31K traded including a multi-exchange sweep of 24.5K at the 6-cent Asking price. Implied volatility in BAC is up about 1 percent to 29.5. So, the tone of trading seems somewhat cautious. No news on the bank today.

Early indications point to a steady open on expiration Friday. About an hour before the opening bell on Wall Street, stock index futures indicate that both the Dow Jones Industrial Average and the NASDAQ will open little changed.

With no economic data on the docket and a light earnings calender, it’s a very slow news day.

PALM shares sank 16 percent after the company lowered its sales outlook for the fourth quarter. Some of the banking names are higher across Europe after Lloyds Banking Group said it expects a profit in 2010, as provisions for bad assets were not as bad as feared.

Energy, metals and miners might see weakness at the open after crude oil lost 68 cents to $81.57 a barrel and gold shed $6.3 to $1121.2 an ounce.

Bonds are under pressure in early pit trading. The benchmark ten-year Treasury is down 8/32nd and now yields 3.7 percent.

The dollar added .27 to 90.62 against the yen. Meanwhile, the euro is back under pressure, down .0063 to 1.3540, on concerns plans for a standby aid package for Greece might fail to win approval from German officials.

Finally, the quadruple witch options expiration might affect trading. Not only is it the last day to trade March equity, index, and ETF contracts, today is also a quarterly expiration for futures, single stock futures, and futures options as well.