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

BP loses 33 cents to $42.02 and one strategist bought 10000 Apr 44 calls on the oil giant for $2.65 per contract. It might close, as open interest is 29,973. The same strategist also sold 8,000 May 55 calls on Total SA (TOT) at $3.10, which might also be closing, as open interest is 17,030. Or this might be a new pairs trade and adds to similar positions opened Friday, when 8,400 BP Apr 44 calls traded at the $2.89 ask price and 7,200 TOT May 55 calls traded on the $3.30 Bid. TOT is up 13 cents to $52.72 today and the pairs trade might be a bet that, while BP will move beyond $44 through the Apr expiration, TOT won’t rally beyond $55 through mid-May 2012.

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

Top equity options trade so far today is a 22000-contract block of BofA Dec 6 puts, sold at 42 cents per contract. The block is tied to shares (on a 33 delta) and might be a closing trade. Weekly (10/28) $6 calls are the most actives on the bank. More than 50,000 traded, including five 10,000 contract blocks on or near the bid (60, 61, 62, 62 and 63 cents) and sentiment data hint at opening customer sellers. So while one player sold the block of Dec 6 puts, others are selling Weekly $6 calls on BAC. Premium selling has implied vols in the options on BofA down 4 percent to 68.5 in early trading, which compares to a 52-week low and high of 23 (4/29) and 147.5 (8/8). Meanwhile, shares are up 12 cents to $6.58 this morning and the grind higher off Oct 3 52-week lows of $5.53 continues. BAC is up 19 percent since that time.

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

Carnival Cruise (CCL) adds 96 cents to $34.86 and an Oct 34 – Nov 35 call spread is sold on the stock at 22 cents, 12500X. The spread appears to roll a position ahead of the expiration — possibly part of an overwrite or covered call strategy. CCL is down 24.3 percent year-to-date, but well off (22.2 percent) the lows seen earlier this month, when the stock fell to $28.52 intraday on Oct 4. Today’s call writer might not see much upside beyond $35 through the Nov expiration, even though that’s only 14 cents above current levels.

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

Research In Motion (RIMM) adds 48 cents to $22.79 and one player sells 12,000 Jan 20 puts on the Blackberry maker at $1.90 per contract. It possibly exits some of a position opened at the end of September when 22,000 were bought at $2.77 (rollling out of 19K Jan 22 puts sold at $4.05 — see 9/29 color). Shares were probing 52-week lows around $20 at that time, but are up 12.5 percent month-to-date.Today’s put writer might be closing out positions on diminishing concerns about the short-term outlook for RIM shares. Meanwhile, implied volatility in the options is down about 3 percent to 75 and now well off the 52-week highs of 97 seen in mid-September.