Dec 21st I posted this blog: Chattem (CHTT) - Identifying Order in Flow in a Takeover Available here for interested parties: http://livevol.blogspot.com/2009/12/chattem-chtt-understanding-order-in.html I saw some "smartly" placed over flow in the Dec calls; the 70, 75 and 80 lines reeping $6 million in profits from the "surprsie" CHTT take over by SNY. So what? Well, how about this story from M2 Communications: "The SEC alleges that Nicolas Patrick Benoit Condroyer and Gilles Robert Roger, ... purchased hundreds of "out-of-the-money" call option contracts for stock in Chattem, Inc... December 21, Condroyer and Roger immediately sold all of their options for illicit profits of approximately $4.2 million. The SEC filed insider trading charges against them the very next day." It seems 70% ($4.2/$6) of that $6 million I identified was in fact allegedly insider trading. Bad boys... And who says watching order flow can't win? You can read the details on my blog here: http://livevol.blogspot.com/2009/12/update-chattem-chtt-identifying-order.html