Power One (PWER) with relative weakness and increasing put activity. Shares are down 10.7 percent to $8.10 and today’s options volume of 12,000 puts and 5,600 calls is more than double the recent average daily. The top trade is a 1,337 Mar 7 puts that recently traded at the 10-cent asking price. Looks like an opening buyer. 5,400 now traded. Mar 8 and 9 puts are busy as well. Looks like mixed trading in Mar 9 calls. Implied volatility is 14 percent to 58 and today’s flow seems to reflect concerns about additional short-term weakness in shares of the Carmarillo, CA power conversion maker. No news on the stock.

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

Hewlett Packard (HPQ) shares are up 2 percent to $43.54 and the second best gainer in the Dow behind 3M (MMM) today. Meanwhile, in HPQ options activity, the Jan 50 – 55 call spread trades at $1 even, 9500X. Looks buyer-initiated and comes a few trading days after shares fell 9.6 percent on earnings news.

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

Coeur D’Alene (CDE) is trading up $3.12 to $30.77 and options order flow is bullish after the Idaho-based silver miner reported a 56-cent per share quarterly profit, which easily topped Street estimates of 32 cents. 12000 calls and 2,425 puts trade in the name. March 30s are the most actives. 6000 traded (85 percent Ask), as some players might be looking for the rally to continue over the next 18 days. Some of the activity might be closing. Open interest is 7,863. March 25, March 28 and March 29 calls are also among the most active. March 30 puts are seeing interest as well. Implied volatility is down about 1 percent to 49.

HSBC (HBC) shares are trading down $2.42 to $54.85 after the British banking giant reported a 2010 profit of $13.16 billion, which ws below the $14 billlion that was expected. The stock is under pressure and options volume so far is 9,835 calls/3045 puts. Mar 55 calls are the most actives. 5,612 traded, including a block of 3153 at $1.01 when market was 99 cents to $1.02. Mar 57.5 calls are busy as well, including a 1500 contract block at 32 cents when bid-ask was 28 to 31 cents. Mar 55s are the most active puts and most of the action has been in smaller lots. The top trade is 100 contracts at $1.72. Implied volatility is down 7 percent to 27 now that the event risk has passed.

CBOE Volatility Index (.VIX) is down 2.24 to 19.08, but thanks to the big gap Tuesday morning, is up 2.51 points on the week. 175000 calls and 117000 puts traded on the volatility index By way of comparison, 425000 calls and 285000 puts traded in the VIX pit Wednesday when it rallied to 23.22. VIX is now nearly 18 percent Wednesday’s peak levels. Still, at 19.08, the index seems to be price in a fare amount of macro-economic risk. The 60-day statistical volatility of the S&P is just 10.6 percent. The fourth quarter earnings have now largely been discounted and the S&P 500 trades at 13.5X forward earnings. Interest rates remain low and economic data is taking a backseat to events overseas. The main concern appears to be earnings risk from global macroeconomic uncertainties — China, Europe Debt Crisis and now spiking crude oil prices — and this might explain why VIX is 80 percent higher than SPX 60-day actual volatility.