1. CIE- Big buying in the Apr. $27.50 calls. Over 7k have traded today, with the largest block of calls going for $0.90-$1.00. Open interest was 3,498 contracts, confirming this was new buying.
2. ULTA- Nearly 25,000 puts have traded today vs an average of just 1,022 contracts. Ulta Salon Cosmetics & Fragrance shares are down 17%, after giving less than expected guidance for the first quarter and full-year outlook.
3. MS- The Mar. $23 calls have been active, as over 6,900 contracts have exchanged hands. These calls have gone for as low as $0.06 in the morning and as high as $0.51, shares are up 2.76%. Ahead of last night’s stress test, we saw large put buying in the Mar. $22.50 puts, as traders positioned for a disappointing result.
4. AAPL- Shares of Apple are up over 2% on the day, and the Mar. $440 and $445 calls are leading the action. Three of the top four most active strikes are call options, as (AAPL) is likely to close above the middle Bollinger Band for the first time this month.
5. SPY- The S&P 500 is on pace to close lower for only the second time in the last eleven trading days. The put/call ratio in the S&P 500 is around 2.00, a reflection of the bearish price action.

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