I know for sure Hedges are betting on "$4 calls for May 2013" options. But, now we seemed to have a new player who is set to revert these guys. At least Level II quotes are moving that way. BID and ASK side has a war going on between these guys. Just my 2 cents watching it over 1/2 hour real time.... LOL!
If you look at COT data, the large traders are still short, and will use all the HFT tactics they can to get out of their shorts, but my view is we will still hit 4.25 before we see a reversal. The weather did not cooperate