Some less actively traded names seeing bullish order flow: Chubb (CB), Nutrisystems (NTRI), VisionChina Media (VISN) Bearish order flow: Viacom (VIA/B), ADC Telecomm (ADCT), Valeant Pharmaceuticals (VRX) Post-Earnings: Charming Shoppes (CHRS) Pr-Earnings: SAIC (SAI), Dollar General (DG), SmartHeat (HEAT) Ex-div.: Kimco Realty (KIM)

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

Proshares UltraShort Financials (SKF) is up 23 cents to $19.29 and options volume is running 3X the average daily, driven by sellers of June 27 call options. One player collected 41 cents, 10000X. More than 11K now traded, vs. 212 in open interest. This premium seller might be looking for financials to hold steady in the months ahead and for SKF to remain below $27 per share.

Time Warner (TWX) hit a high of $31.75 early, but was recently down 28 cents to $31.78. Options volume is running 3X the average daily, led by sellers of April 32 call options. The top trade is 1013 on the 75-cent bid price. 10.2K now traded (77 percent bid) vs. 4159 in open interest. Implied volatility is down about 10 percent to 17. TWX has been facing resistance just above today’s highs and these call writers might see limited upside in the short-term. The company is due to release earnings on May 5. It’s “Clash of the Titans” film is due out Friday.

iShares Small Cap Fund (IWM) is off 8 cents to $68.10 and the April 65 – 68 put spread is seeing interest in recent action. One player paid 85 cents for the spread, 38000X. More than 60K now traded. The action might close or adjust an existing position, as open interest is sufficient to cover in both contracts. Or, it might be a short-term hedge. April options expire in 17 days and, due to the holiday Friday, have just 12 days of trading days of life remaining after today.

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

3M (MMM) adds 3 percent to $83.80 and is the best gainer in the Dow Jones Industrial Average Tuesday. Options action is picking up as well, with 13K calls and 3420 puts traded so far. The total volume represents 10X the expected for late-morning action. The top trade is a lot of 601 April 85 calls at the 60-cent asking price. 7,970 now traded. The company announced an agreement on wafer bonding technology to enable 3-D semiconductors with Japan’s Yushin Precision Equipment today. No other news to explain the relative strength and bullish flow in 3M Tuesday.

Verizon (VZ) is up 2.5 percent to $31.21 and the second best gainer in the Dow Jones Industrial Average (behind MMM) after the Wall Street Journal reported that Apple Computer (AAPL) is working on an iPhone compatible with the Verizon wirless network. VZ shares are up and 30K calls and 8000 puts traded in the name. May 32 calls are the busiest, with 6680 traded (87% Ask) vs. 2346 in open interest. April 31 and 33 calls, as well as April 31 puts, are among the most actives as well. Implied volatility is up about 1 percent to 17.