dvolatility pointed out that someone picked up a large lot of XHB Mar 09 12 Calls. This is an example of why it pays to follow the leader. Pretty sure they were bought because they hit the offer at the open.
10k bought at .7
10k bought at .77
Total Basis: 147k
Current Value: 1.15
Percent Gain: 56%
Absolute Gain: 82k
They haven't closed out the trade yet but my guess is they've hedged the play using stock. I don't see any option trades that they could have used to hedge.