Some less actively traded names seeing bullish order flow: Brinks (BCO), Rubicon (RBCN), Sara Lee (SLE) Bearish order flow: Waters Corp. (WAT), iStar Financial (SFI), Devry (DVY) Post-Earnings: General Mills (GIS), Monsanto (MON) Pre-Earnings: Constellation Brands (STZ) Ex-div: Mastercard (MA), Retail Holdrs (RTH)

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

Mosaic (MOS) is up 45 cents to $39.80 and trying to battle back from a grueling 36.2 percent loss sustained since mid-March. In options action, some traders are taking a longer-term view. One player paid $2.50 for the January 2012 $65 call. 3500X. 13.2K now traded vs. 120 in open interest. The call buying seems ambitious, because the contract is 63.3 percent out-of-the-money and it would require a move to $67.50 just to breakeven at expiration. On the other hand, the contract doesn’t expire for a year and a half and MOS was trading above that (67.5) level as recently as January of 2010.

Investors are revved up about Ford Motor (F) calls after the automaker said it was paying $3.8 billion in cash to settle debt related to a health care trust. The move signals “confidence it remains on track to deliver ’solid profits’ this year,” according to Reuters. Shares are up 45 cents to $10.33. 110K calls and 43K puts traded so far. August 12 and 13 calls have both traded more than 20000X, with slightly more than half trading at the Ask. Implied volatility is down about 2 percent to 53.5 ahead of auto and truck sales numbers, tomorrow.

BP is up $1.06 to $28.73 and noteworthy action is being seen in the August 30 – 35 call spread and August 20 puts. One player bought the puts and sold the call spread, collecting 67 cents on the three way, 5000X. The spread has traded more than 22000X and it likely closes positions opened Friday, when the spread saw similar volume. For example, on Friday, one player paid 17 cents for the three-way, 5000X. Shares are up 6.3 percent on the week and, as a result, this strategist appears to be collecting a respectable profit on the trade. Implied volatility has eased another 5 percent to 75 today.

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

Anadarko Pete (APC) hit a morning low of $34.84 and came within striking distance of its June 9 low of $34.54. Shares are now down 60 cents to $36.07 and 3.5 percent off session lows. In the options, a noteworthy risk-reversal on the ISE at 9:50 when a strategist sold 5000 Nov 27.5 puts at $3.41 apiece and bought 5000 Nov 40 calls at $5.01. ISEE data also shows a separate block of 1042 July 45 calls were bought-to-open at 34 cents 20 minutes later. Implied volatility in APC, the oil drilling company that was a 25 percent partner in the rig that caused the Gulf spill, is up 6 percent to 85.5 after Financial Times published a story late yesterday (Anadarko approved key BP well designs), noting that “both Anadarko and BP have confirmed to the FT that the US company was aware of design choices that lawmakers, who have accused the UK company of cutting corners to cut costs, have criticised.”

Early indications point to a modest market rebound, but trading is likely to remain cautious following another dose of grim economic news. Less than an hour before the start of trading in New York, stock index futures indicate that the Dow Jones Industrial Average might recover 20 or 30 of the 269 points lost the day before.

Stock index futures fell early Wednesday after ADP said that the US economy add just 13,000 private sector jobs during the month of June. The number fell well short of economist estimates, which called for an increase of 61,000.

In addition, the bad news comes two days before the Labor Department releases its monthly report. Economists expect Friday’s data to show the economy losing 100,000 jobs and the unemployment rate edging up to 9.8 from 9.7 percent.

Attention first shifts to manufacturing data and the Chicago Purchasing Manager’s Index [PMI]. Economists expect to see a drop to 59 in June, down from 59.7 the month before. The data has market-moving potential, as it is likely to guide expectations for tomorrow’s more widely watched ISM manufacturing data.

Bonds continue to find support from the bleak economic news. The benchmark ten-year Treasury is flat in early action and yields 2.95 percent.

Crude oil is little changed, at $76 a barrel, ahead of weekly inventory later today. Gold lost $2.7 to $1,239.70 an ounce.

Trading in Europe is quiet after big losses the day before. France’s CAC 40, which tumbled 4 percent yesterday, is down .3 percent. Germany’s DAX and UK’s FTSE are seeing modest gains. The euro edged up .008 to 1.2264.

Among the stocks to watch, Dow component Boeing (BA) is in focus on news it is acquiring Argon ST (STST) for $34.50 per share, sending Argon shares rallying 40 percent. Abraxis (ABII) is up more than 21 percent after Celgene (CELG) announced plans to buy the biotech. Monsanto (MON) is down nearly 2 percent after reporting a quarterly profit of 81 cents per share, which beat Street estimates by a penny, but revenues fell short of expectations. General Mills (GIS) also fell on disappointing earnings news.

End of month and end of quarter position squaring and window dressing is likely to affect today’s trading as well.