Hefty prints in BofA (BAC) late. Shares are up 29 cents to $8.12 and continuing the 2012 surge. In late day options action, 128,000 April 7 calls traded on the $1.38 bid on PHLX and possibly part of an overwriting play with in-the-money calls, or possibly closing, as it looks tied to 10 million shares for $8.14 and open interest in sufficient to cover. Our systems picked up a 100,000-contract buyer of April 7 calls for 23 cents per contract in early-Jan (see 1/4 color) and so today’s flow might offset that big trade after the 41.3 percent rally in shares.

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

133 stocks will release earnings before tomorrow’s open, with Cisco and Pepsi leading the volume (try @earnings in Flow Monitor). For the group, calls outnumber puts nearly 2:1 and CSCO flow is triple the average time-weighted volume, on track for nearly 450,000 contracts today. Top 5 most actives in Cisco are calls, with Feb 21s leading the list with nearly 37K trading and a vwap of 28cents. ISE data shows a mix of opening and closing customer buyers behind the volume there.

Etrade Financial (ETFC) adds a dime to $9.20 and a 10000-contract block of Jan14 $10 call trades on the broker at the $2.10 asking price. Looks opening and tied to 600K shares for $9.17. A Dow Jones article today mentioned ETFC in a piece titled TD Ameritrade Still Eyes Possible Deals, but noted that Amertrade said last year it wasn’t interested in a deal with the online broker and Etrade said it wasn’t for sale. Still, today’s hefty 2014 call buyer seems to be bracing for a sizeable move in Etrade shaes in the months/years ahead, even as shares have been drifting somewhat aimlessly for months now.

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