Some less actively traded names seeing bullish order flow: CVR Financial (CVI), Lion Gate Financial (LGF), Cina Yuchai (CYD) Bearish order flow: Affymetrix (AFFX), Mariner Energy (ME), BLL (also post-earnings) Post-Earnings: Motorola (MOT), Baidu.com (BIDU), First Solar (FSLR), P&G (PG), Akamai (AKAM), Cliffs (CLF), Cameron (CAM), Green Mtn Coffee (GMCR), Pre-Earnings: Chevron (CVX), Expedia (EXPE), Intermune (ITMN) Ex-div.: Plains American (PAA), Calumet (CLMT)

Dendreon (DNDN) resumes trading at $52 and is up $12.88 to $52.50. Implied vols getting crushed, down to the mid 60s from about 141 pre-FDA news (see 12:38 color).

China Natural Gas shares are flat at $9.00 but option volume is 3x the daily average being driven large transaction in the June $7.50 puts as 9,750 (now total of 10,000) trade as the 35c bid. This looks to be closing half of a position opened in two days on 3/30 and 3/31 when stock was around $9.50 but puts were around 45c.. see color 3/30 and 3/31. (To access historical color in Flow Monitor, enter the symbol, select 1 and then use the + sign!)

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

Transocean shares are down another $5.40 to $79.50, the biggest decline since its well sank in the Gulf of Mexico two days ago. Option volume is running 4x the daily average with 43,000 calls to 41,000 puts. Volume leader is the May $75 put with 11,000 contracts traded against prior open interest of 14,180. Top trade is in the June $8595 call spread which traded 1,350x in what looks like opening sale. The acceleration to the downside might be due to that the rig is leaking 5,000 gallons a day, up from the estimated 1,000, and that the well did not have a required automated shit down switch would leave RIG liable to damages beyond the cost of clean up which is likely to incurred by BP.

Dendreon (DNDN) sees a spike to $47.32 before being halted at $45.50 (+5.88) news pending. Options trading was brisk ahead of the stoppage, with 20K calls and 22K puts traded. Recent trades were focused mostly in the front month and ranged from May 7.5 puts to May 75 calls. Implied volatility is elevated at 141 (-4 percent), as investors await approval of the company’s Provenge cancer drug.

CBOE Volatility Index (.VIX) is down 2.47 to 18.61 and session lows, as the S&P 500 rallies 16 points on news of EU pledges of financial aid to Greece. VIX has now retraced 78.7 percent of the 5.34-point spike Tuesday, which was motivated in part by S&P downgrades of Greece and Portugal. In VIX options, the top trade of the day is a buyer of 70K May 18 puts at 80 cents, perhaps an investor looking for VIX to continue its slide over the next 19 days.

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