Calls on the SPDR Homebuilders Trust (XHB) are seeing action. Shares of the fund are trading down 18 cents to $20.12 and 21,000 XHB calls have traded, comparded to 4,400 puts. The October 20 calls are the most actives. More than 10,000 contracts traded, with 100 percent of today’s volume trading on the offer. The October 20 and September 19s are also seeing action. While some of the volume is probably closing out of existing positions, the overall directional bias seems bullish and seems to reflect the view that the worse for the housing market might be over. XHB is up 45.7 percent from an all time low set less than two months ago.