47000 calls traded on the PowerShares DB Commodity Index ETF (DBC) today, which represents about 70X (7021 percent) the expected volume. The ETF tracks the price action of crude oil, heating oil, aluminum, gold, corn, and wheat and was recently off 7 cents to $19.84. Sentiment in the options market seems bullish, however, with May 21 calls leading the order flow. 41.3K contracts traded and 55 percent trading ask-side. ISEE sentiment numbers suggest 68 percent of the calls traded on the ISE (12.6K) are opening customer buys. The interest comes ahead of weekly oil inventory data Wed. USDA prospective plantings numbers were released this morning.

Prologis (PLD) is up $1.17 to $6.43 and not far from session highs as takeover chatter makes the rounds. April calls at the 7.5 and 15 strikes are seeing heavy trading, as speculative call buyers look for additional upside in shares of the industrial Real Estate Investment Trust [REIT].

Worthington (WOR) puts are active and implied volatility is elevated ahead of earnings (tomorrow, before market). Shares are down 20 cents to $8.69 and April 7.5 puts are the most actives, with more than 5000 traded. The top trades are two blocks of 2,050 contracts ask-side for 35 and 40 cents. Implied volatiity is up to 95.7 from about 88 the day before.

Apple Computer (AAPL) April 80/95 and May 90/100 put spreads both trade 10000X today, after a strategist bought the April spread and sold May, according to an exchange-floor contact. Shares are up 88 cents to $105.37 and the activity is possibly rolling forward of a successful April put spread accumulated over recent months. For example, on Jan 22, the April 80/95 put spread traded 3000X for $7 when AAPL was near $89.00.

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Ford Motor (F) is down 6 cents to $2.70 and April puts at the $2 strike are active ahead of monthly auto and truck sales numbers due out tomorrow. More than 9000 contracts traded so far. Recent trades include a multi-exchange sweep of 5000 contracts at the offer for a dime.

Potash (POT) is up 36 cents to $82.15 and April 90/95 call spread trades 10.5K times this morning for $1.05. Apparently, the trade was a seller and, if so, likely closing out a position opened on March 20. Shares were near $80 at the time and the strategist paid $1.20 for the spread, 10000X.

Ariad Pharmaceuticals (ARIA) is up 9 cents to $1.57 and 4,460 Jan 2010 calls at the $2.5 strike traded so far. Looks like sellers collecting between 50 and 55 cents, possibly closing.

Black and Decker (BDK) is up $1.61 to $32.16 and options volume is running 6X the average daily on talk Danaher (DHR) is eyeing BDK. April 30 and 35 as well as May 35 and 40 calls are the most actives, with about 70 percent of the volume hitting ask-side. Implied volatility up to 66 from about 63 yesterday.

Best Buy (BBY) April 35 puts are active. Shares are up 36 cents to $37.33 and more than 5000 traded. 100 percent hit ask-side. About 2000 traded on ISE, where sentiment data suggest customers are buying to open new positions.