Airline stocks, such as Delta Air Lines are seeing significant call option activity in the out of the money September 2008 7.50 call.  Something may be happening here.  Volume of 32,653 vs. OI of 62,669 isn't an every day event.  While we aren't sure of what to make of the move, perhaps merger speculation, keep the call option on radar. 

Even JetBlue is seeing some call buying interest in the January 2010 out of the money 5, 7.50 and 10 call option LEAPS.  It's one for the radar screen, and a buy when and if oil pulls back.