Some of the homebuilders are seeing bullish flow ahead of housing starts data due out next week–on options expiration Friday, to make things interesting. Hovnanian (HOV) is down a penny and the focus is on Jan (2010) calls at the 2.5 strike, with 2050 traded (10X expected) and almost all of the trades hitting at the offer. Beazer Homes (BZH) is up 7 cents to $1.71 and 2300 calls traded, or about 11X the normal. Like HOV, Jan 2.5 calls are the most actives, with buyers dominating the flow. Meanwhile, Standard Pacific (SPF) is down 7 cents to $1.89 and 2000 January 2. 5 calls traded, with about two third hitting ask-side. The volume in these three builders might be by one player, taking positions in out of the money calls and hoping that a big gain in at least one will produce a profit for the entire basket.