Microsoft (MSFT) adds 26 cents to $25.86 and volume in the Weekly (4/29) 26 calls is approaching 12,000 contracts. The top trade is a 2,203-contract block at the 34-cent asking price. 78 percent of the volume is trading at the ask. Buyers appear to be driving the action ahead of earnings, due April 28 (after market). The weeklys cease trading the next day and the 26 calls are .5 percent out-of-the-money with a delta of .50.

Netflix (NFLX) hit a new 52-week high today, but is now little changed heading into earnings. NFLX is down 82 cents to $251.40. While the stock is little changed, some investors appear to be bracing for volatility around earnings in the Weekly contracts. Most of the action has been in smaller lots. The top trade is a 228-lot of Weekly (4/29) 250 calls on the $12 bid. 3,480 contracts now traded. The Weekly (4/29) puts are the most actives. 4,558 changed hands. 55,000 of the Weeklys on Netflix have now traded, which is about 42 percent of the total options volume, which is 62,000 calls and 67,000 puts traded in the name so far.

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

iShares Silver Fund (SLV) adds 61 cents to $46.15 after silver jumped another 3.5 percent to $47.75 an ounce Monday. Meanwhile, options volume in the silver fund is one million contracts through midday. Volume in the Weekly (4/29) puts and calls is 168K, or16.8 percent the total SLV options activity. 448K contracts have traded in the May puts and calls, or 44.85 percent the total volume. May calls with strikes ranging from 39 to 60 are seeing active trading, as short-term speculators turn to SLV options as a vehicle for playing the recent surge in the white metal. Meanwhile, the May 37 puts are the most actives after more than 46,000 contracts changed hands.

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

Network Appliance shares are 80c to $51.80 and have gained some 8% in the past three sessions. Notable trade today in the Jan 2013 as the $45 puts and $55 calls each traded 5,230 contracts in what looks like opening bullish risk/reversal (bought calls and sold puts) for a $2.35 net debit.

13,000 calls and 2,900 puts traded in Sandisk (SNDK) in the first 10 minutes of Monday’s session. The company reported earnings after the closing bell Thursday. Shares dipped on the news late-Thursday after the company beat on earnings and revenues for the first quarter, but offered in-line revenue guidance for the second quarter. Yet, shares have rebounded Monday morning and are up 96 cents to $49.95. May 52.5 and 55 calls, which saw interest ahead of the results (see 4/21 color), are the most actives. Some investors might be closing out positions, as both contracts remain out-of-the-money and implied volatility is easing 12 percent to 36. May 44, May 50 and June 48 calls are seeing interest as well.