Yahoo (YHOO) is trading up 24 cents to $16.07 and overall flow seems bullish today, a few days after shares fell 2.8 percent on earnings news. Shares have now recovered the losses and today’s options volume includes 61,000 calls and 16,000 puts traded. February 17 calls, which are 5.8 percent out-of-the-money with 18 days of life remaining, are the most actives. 16,200 traded. Another 12,200 July 20 calls have changed hands. The top trades are 3,478 July 15 – 17 risk-reversals at a nickel on ISE at 10:53 on ISE, where sentiment data indicate calls bought, puts sold. The same bullish risk-reversal traded at a nickel, 3230X on ISE about 5 minutes after the opening bell.