SPDR Retail Trust (XRT) adds 59 cents to $52.52 and a Nov 43 – 47 – 51 put fly is bought on the ETF for 51 cents, 10000X. It possibly adds to positions opened yesterday, when the same spread traded 36000X (see 11/1 color). The bearish play might be a play on tomorrow’s same store sales numbers, Friday’s jobs data, and expectations of additional weakness in the equity market through the November expiration.

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

Reinsurance company XL Capital (XL) is trading up 18 cents to $21.11 and options order flow on the stock is bullish today, even after the company reported earnings that fell short of Street estimates. Fro the quarter, the company said it earned 28 cents per share and 7 cents below expectations. Shares, which lost 8.2 percent in the three days leading up to the report, ticked higher Wednesday morning. Meanwhile, options volume in XL is 5,800 calls and 360 puts. Nov 23 calls, which expire in 16 days and are 8.6 percent OTM, are the most actives. 3,320 traded (59 percent Ask) against 1,407 in open interest. Looks like opening buyers of Nov 22 calls as well. Implied volatility in the options on XL Capital is down 8 percent to 45.

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

Career Education (CECO) is reeling today following a round of bearish corporate news. The company said it earned 15 cents per share on $431.1 million in revenues in the most recent quarter. The Street was looking for 35 cents on $453 million. The company also said it has reported results of an internal investigation into student placement rates related to a recently received subpoena from the NY Attorney General’s office. Finally, Career Education says the company’s Chief Executive Gary McCullough is stepping down. CECO is down $6.29 to $9.66 on today’s news and options volume is 3.5X the daily average, with 1,150 calls and 1,610 puts traded on the for-profit education so far. Nov 8 and 10 puts are the most actives and implied volatility in options on the stock surged 56 percent and is now elevated at 115.