Some less actively traded names seeing bullish order flow: Taiwan Semi (TSM), AGA Medical Holdings (AGAM), Orexigen Therapeutics (OREX) Bearish order flow: GlaxoSmithKline (GSK), Sempra Energy (SRE), Avery Dennison (AVY) Post-Earnings: None Pre-Earnings: Micron Tech (MU) Ex-div: Chesapeake (CHK)

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

DELL is up 14 cents to $13.07 and the Jan2012 10 – 12.5 put spread was apparently sold this morning at 96.5 cents, 4800X. This might roll a position in January 12.5 puts bot in mid-Jan at $1.83 per contract. Shares are down 12.9 percent since that time and the puts are being closed at a 50 cent profit. The $10 puts are now being bought-to-open.

Home Depot (HD) is down 53 cents to $29.67 and the Aug 32 – 34 call spread is apparently bought at 39 cents, 20000X on PHLX. It might close or roll, as open interest is sufficient to cover in both contracts. Implied volatility in HD is up about 6.5 percent to 32. Earnings due out mid-Aug, possibly before the expiration.

If this is an opening trade, it could be interesting heading into earnings. Excluding commissions, it offers a $1.61 pay-off if shares rally to $34 or more by the August expiration. So, the strategist is risking 39 cents to make $1.61, or a ratio of more than four-to-one. Of course, reaching the max profit potential from the spread requires a 14.4 percent rally in HD in 53 days. The breakeven at expiration is $32.39.

Also note that Premium subscribers can see the changes in Open Interest using Flow Monitor. Enter the symbol, and then menu option 5 to see OI and changes in Open Interest.

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

OptionsXpress (OXPS), the Chicago-based online broker, is up 25 cents to $16.57 and heading to session highs. Options action is picking up in the Sep 20 calls and includes a multi-exchange sweep of 1,100 contracts at the 15-cent asking price. 1475 traded (vs. 356 in open interest) and implied volatility is up 4 percent to 32.5. No news on the stock today. Earnings expected mid-July.

Altria (MO) shares are up 88 cents to $20.58 and implied volatility is easing after the Supreme Court rejected the US goverment’s bid for a tobacco damage award. 55K puts and 18K calls traded in MO so far, and some investors are likely liquidating positions in July 19 puts that were opened a couple of weeks ago (see 6/10 color.) 43.7K traded vs. 62.4K in open interest. Implied volatility has fallen about 13.5 percent to 26.

Stocks are indicated mixed on a relatively slow news day Monday. Less than an hour before the start of trading in New York, stock index futures indicate that the Dow Jones Industrial Average might open the week with a modest 10 or 20-point loss.

A busy week of economic news kicked off with a report on personal incomes and spending. While incomes rose .4 percent in May, and .1 percent less than economists had predicted, spending increased by 2 percent and two times more than expected.

Consumer confidence numbers are due out Tuesday and investors get their first peek at the June jobs situation courtesy ADP’s private sector report Wednesday. Weekly claims, construction spending, ISM, and pending homes sales are slated for Wednesday. The Labor Department releases its jobs numbers Friday morning.

Meanwhile, overseas markets are trading quietly after G-20 members met over the weekend and ironed out plans to cut deficits. Stocks are trading mostly higher across Europe, with .9 percent gain in Germany’s DAX helping to pace the advance. The euro lost .0041 to 1.223 against the dollar. The action was mixed in Asia. Japan’s Nikkei lost .5 percent and Hong Kong’s Hang Seng added .2 percent.

Crude oil slipped 54 cents to $78.34 a barrel and gold lost $2.0 to $1254.20 an ounce.

Bonds are seeing modest gains on G-20 pledges of sovereign debt reduction. The benchmark ten-year Treasury is up 3/32nd and now yields 3.095 percent.

Among the stocks to watch, Merck (MRK) and Pfizer (PFE) might help the Dow in early trading after the latest issue of Barron’s made a bullish case for big pharmaceutical stocks. BP shares rose nearly 5 percent after Tropical Storm Alex shifted away from the Gulf spill oil site. MEMC (WFR) is under pressure after Goldman initiated the stock with a Sell rating. Micron Technology (MU) might see action ahead of earnings, due out after the closing bell.