If you look at the options sites (yahoo or option monster) you will see that on Thursday somebody BOT 21,000 contracts CALLs on XHB for Jan 2011 about 11,000 $22.50 and 10,000 for the $20.
THAT'S INSTITUTIONAL MONEY!!!!!!!!!!!
The cost of those had to be about $2M to Buy to open. Those 2 transactions alone are for 2M shares, and the open interest for the 2 strikes is combined 6.5M shares - or over one average week - at an expected price of 22-23.
And volume Thursday was 3 times normal. THAT IS INSTITUTIONAL $$$$$$$ !!!!!