By Jud Pyle, CFA, chief investment strategist for the Options News NetworkOil has staged a rally today of more than 5%. One reason for the rally is a continued pop in commodities following the Fed's announcements yesterday that it was going to buy Treasury bonds and mortgage-backed securities. The dollar fell dramatically, and that has caused gold and oil to rally. This rally has served to boost shares of commodity and energy stocks today. Looking at the April 50 calls in Schlumberger ( SLB), we find that they have traded more than 17,000 times in the first three hours of trading today vs. current open interest of 2,453, for an average price of around $1.20. What is interesting about this call activity is that most of the activity is from buyers of the options.