VIX clicking, Silgan, Graham Packaging box up decent volume

Your intraday options trading update.

High Options Volume by Strike

Options trading on the CBOE Volatility Index (CBOE: VIX) is busy, busy with the VIX May11 30 Calls and the VIX Jul11 30 Call each doing more than 101,000 contracts. The May is down .10 to .55, while the Jul is up .05 to 1.80.

Those trades followed by usual leader SPDR S&P 500 ETF (NYSE: SPY) with two strikes �C the SPY Apr 132 Put, and the SPY Apr 11 131 Put. Different mood here with the 132 falling .14 to 1.08 and trading 94,991 contracts and the 131 down .13 to .60 and trading 58,744 contracts.

Another interesting mover is the United States Oil Fund ETF (NYSE: USO) trading a little more than 55,000 contracts on its USO OCT 11 48 Call, down .07 to 2.15.

Major Stock Trading Volume Movers

Chinese mobile-phone firm Zoom Tech. (NASDAQ:ZOOM) trades 8.6 million shares and is up 1.15 to 4.25 as it signs licensing deal with Qualcomm (NASDAQ:QCOM). Word is ZOOM to develop and market 3G mobile phones using a QCom chip patent.

Nice package. Graham Packaging (NYSE:GRM) trades 10.8 million shares, up 4.55 to 21.26. Silgan Holdings (NASDAQ:SLGN), another packaging firm, said it will pay about $4.1 billion to buy GRM. SLGN also very busy, boxing up 4.6 million shares as stock rises 5.25 to 42.08.

Biopharma firm GTx (NASDAQ: GTXI) rises 1.04 to 3.79 on 2.4 million shares after Citigroup analysts upgrade the stock. Someone said that if it passes 5 they��ll capitalize the X.

Find more option analysis and trading ideas at Options Trading Strategies.

Stocks/Underlying �C Big Daily Change in Option Volume

GTx (NASDAQ: GT! XI) agai n busy with 4618 options contracts traded, a rise of more than 8,100%. Citi analysts upgrade.

Packager Silgan Holdings (NASDAQ: SLGN) sees options volume rise about 7,300% to 2687 contracts as stock in midst of takeover of Graham Packaging (NYSE: GRM).

Utility Dominion Resources (NYSE:D) trades 10,177 options as stock up negligible to 43.65. Announces it will discuss first quarter results on April 28. Look, it��s a utility, you were expecting hot news like Lindsey Lohan or something?

Tyco (NYSE: TYC) trades 150,464 options as takeover news hits the market.

O��Reilly Automotive (NASDAQ: ORLY) trades 5352 options, up 1100%, primarily on trade of 4202 Apr 55 Puts, according to optionMONSTER.

Stocks �C High Put/Call Ratio

Overstock.com (NASDAQ: OSTK) rises .29 to 14.44 as put/call ratio hits 127.58. News and rumors continue to swirl about California DA investigating fraud allegations.

Regional Bank HOLDRs (NYSE: RKH) has a P/C ratio today of 59.89 as trust falls 1.14 to 86.05. Another regional bank fund SPDR KBW Bank (NYSE: KBE) falls .24 to 25.75 as P/C ratio reaches 45.24. Put trading moving today at 4.07 times the daily average.

Brinker Intl. (NYSE: EAT) sees P/C ratio at 49.18. EAT works to build sales without expensive promotions while commodity price increases challenge restaurant industry.

Stocks/Underlying �C High Option Volume

SPDR S&P 500 ETF (NYSE: SPY) sees option volume of 1.01 million, followed by options trading on the CBOE Volatility Index (CBOE: VIX) tallying 514,118. VIX is above 17 to 17.31. The S&P 500 Index Options (CBOE: SPX) is down 3.19 to 1310.97 but volume hits 371,039.

Citigroup (NYSE:! C) lone equity in top five with 229,132 contracts traded. Maybe Bank of America (NYSE: BAC) will pick up the volume slack when C does its 10-for-1 stock split. BofA sees 181,751 options traded.

Burney Simpson is the managing editor of InvestorPlace options pages.