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

E Commerce China Dangdang (DANG) has added 79 cents to $12.08 after the company announced management changes and a streamlined management structure with separate business units. Shares are up and options volume includes 10,000 DANG calls and 1,460 DANG puts. The top trade is a 2067-contract block of DANG July 14 calls at 50 cents on ISE when the market was 45 to 50 cents. It appears to be a buyer opening a position, possibly a firm/non-customer. Jul 10, 12 and 13 calls are busy as well. Shares have had a rough stretch in 2011, falling 63.6 percent to a 52-week low of $9.85 Monday. However, DANG is up in the past two days and has rallied 22.6 percent off those lows.

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

Powershares Bullish Dollar Fund (UUP) is down 12 cents to $21.33 and a 10000-contract block of Dec 19 puts is bought-to-open at 4 cents on ISE. The bearish play on the ETF comes as the euro gains .3 percent on the dollar after Greek parliament agreed to unpopular austerity measures. While UUP tracks the buck against a basket of currencies, it is heavily weighted towards the euro/USD pair.

EBAY loses 9 cents to $28.87 and the Aug 29 – 31 bullish risk-reversal is apparently sold at $1.03, 4833X. Calls look opening and so this might be a new position, probably tied to 100K shares at $28.82. Shares are down 14.9 percent since May 10 and have been trading in a narrow range just below a 200-day exponential moving average in recent days. Earnings slated for July 20 (after market).

39,000 calls and 2,525 puts traded in Valero (VLO) today. Shares of the oil refiner are up 98 cents to $24.68 and the top trade is a Sep 26 – 27 call spread, bought at 32 cents, 13000X. A similar spread traded a week ago when the Sep 27 – 28 call spread on VLO was bought at 29 cents, 13000X (see 6/21 color). Open interest data indicate that the position was a roll down in strikes. Today’s trade looks the same — i.e. closing out Sep 27s to open a new bullish position in the Sep 26s. The stock is up today, but has not performed well in the past couple of months and is off 20.7 percent from the 52-week highs seen in early-April. Today’s spread trader is probably moving a position down in strikes and to call options that have a lower probability of expiring worthless. The Sep 26 calls on VLO are currently 5.3 percent out-of-the-money.

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

19 optionable stocks will trade ex-dividend tomorrow morning, with $1.04m of net proceeds available to early call exercisers. Bristol Myers Squibb Co (BMY) leads the list with 36486 contracts subject to early exercise for a total of $715k. Large positions also exist in TSM, AXP, RGLD, CHK and MRX. Expect heavy ex-div trading in these names on the PHLX today in anticipation of the portion of open interest that long-holders regularly fail to exercise.