Some less actively traded names seeing bullish order flow: Kellogg (K), Pacific Asia Petroleum (PAP), Proshares Ultra Short Gold (GLL) Bearish order flow: CVB Financial (CVBF), Canadian National Railway (CNI), Wisdom Tree Dreyfus Chinese Yuan Fund (CYB) Post-Earnings: Williams Sonoma (WSM), Tiffany (TIF) Pre-Earnings: Wal-green’s (WAG), Carnival Cruise (CCL), Fuqi International (FUQI) Ex-div.: Philip Morris (MO)

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

The top options trade so far today is a block of 40000 April 40 puts on the iShares Emering Markets Fund (EEM). The exchange-traded fund is down 4 cents to $41.15 and the put purchase was tied to 1.4 million shares at $41 (delta = 35). EEM holds companies from Brazil, South Korea, and other developing economies. The top holdings are Samsung, Taiwan Semi, and Petrobras. Like US volatility, for example VIX, implied vols in the emerging markets fund have been falling since early Feb, now back into the mid-20s. Today’s premium purchase might be a bet that the trend will change in the weeks ahead.

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Las Vegas Sands (LVS) sees relative strength and increasing implied volatility after Bernstein raised their price target on the stock to $24 from $22 Monday morning. Shares are leading the gaming sector higher (WYNN, MGM, BYD also up). Meanwhile, LVS options volume is running 2X the average daily, with 77K calls and 41K puts traded so far. Investors are placing their bets on April 21 and 22.5 call options, with 24.3K and 14.5K traded, respectively. Implied volatility is up about 6 percent to 54.

TIVO saw a spike to $16.72 on increasing volume and was recently up 35 cents to $16.32. The rally started around 11:30. Just as it was getting underway, a bullish trader surfaced in the May 15 – Jan 17.5 risk reversal. They bought 5000 Jan 17.5 calls at $2.35 each and sold 6500 May 15 puts at $1.00. The May puts might close.

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

Macy’s (M) lost 40 cents to $20.89 and options volume hit 3X the average daily Friday. April 22 calls saw the biggest increase in open interest after a block of 14.7K traded at the 40 cent asking price. 16081 contracts of new interest was created and now equals 18,278, which is now the second largest position in Macy’s. With 23,779 now opened, Jan11 15 calls have the biggest OI after another 7973 were opened Friday.