The equity market is closed. It was a quiet day and the CBOE Volatility Index (.VIX) lost .22 to 19.49, settling at its lowest levels since August 2008. Markets are closed Friday. Have a wonderful and safe holiday. See you Monday!

*Scanning all single-stocks subject to 2500 contracts minimum call or put volume

Alcoa (AA) is up 30 cents to $16.30 and one players sells 7,270 Jan15s at $1.52 to buy 7,270 Feb 16s at $1.21 on AMEX. Similar trades were seen on ISE, where ISEE sentiment data indicate that half are opening customer buyers. So, this might be a roll of calls (selling-to-close Jan 15s, buy-to-open Feb 16s) from one month to the next.

The Jan 16 – Feb 17 call spread is seeing similar action. Looks like 5228 traded on AMEX and 3000 on PHLX — apparently selling the front month (83 cents) to buy the Feb 17s (74 cents). Recall that Alcoa rallied nearly 8 percent on a Morgan Stanley upgrade Monday. It is setting new 52-week highs and some investors might be banking profits on the Jan 15s and 16s, while extending a bullish view to the Feb 16s and 17s.

*Scanning all single-stocks subject to 2500 contracts minimum call or put volume

Heavy volume of more than 1 million Calls in Altria (MO) is related to stock trading ex-dividend. Options market closes at 1:00 eastern time today. So, the ex-div activity is a bit earlier than usual. Kraft Foods (KFT) and Campbell’s (CPB) are dividend plays as well.

Apple Computer (AAPL) is up $4 to $206.10 and calls are seeing early action after MacRumors reports that chatter has exploded in recent days, with which hints at a possible January release of a new Apple Tablet device. 42,000 calls and 16,000 puts already traded on Apple, including 12,070 January 210 calls (28 percent mid-market/53 percent ask-side.)

Stocks are indicated modestly higher following a round of mixed economic data Thursday morning. Less than thirty minutes before the opening bell on Wall Street, stock index futures hint at possible 20 point early gain for the Dow Jones Industrial Average.

Economic data is in focus. A report on November durable goods showed an increase of just .2 percent; which is better than the .6 percent decline in October, but below the .5 percent average economist estimate.

However, a separate report showed weekly jobless claims falling to 452,000 in the period ended December 19, down from 480,000 two weeks ago and better than the 470,000 economists had predicted.

Bonds are little changed on the mixed data. The benchmark ten-year Treasury is down 1/32nd and now yields 3.75 percent.

The dollar is flat near 91.60 against the yen. The euro edged up .0040 to 1.4376 on the buck.

Some of the energy and mining names might see strength. After rallying more than $2 yesterday, crude oil is up another 24 cents to $76.91. Gold gained $7 to $1,102 an ounce.

Overall, trading is expected to be very light today ahead of the holiday weekend. There are no earnings of importance and no other economic data until consumer confidence numbers next Tuesday.

All US stock and options market close early today, at 1:00 Eastern time.