AES Corp. (AES, news, chart) is seeing five times its normal trading volume, with increasing interest in the January 2010 20/30 bulll call spread. Shortly after 11:00 Eastern time, 10,000 of the 20s traded at or near the offer (between $1.60 and $1.65 a contract). At the same time, 10,000 of the January 30s traded bidside for 25 cents a contract. With shares up 63 cents to $15.59 a share, and only modest amounts of existing open interest in the 2010 contracts, the action seems to be part of a substantial bull call spread. If so, the stratetegist is looking for AES to make a dramatic move higher over the next 18 months or so and is paying a net debit of roughly $1.40 a spread for the potential of making $8.60 should the stock rally to $30 a share or beyond by January 2010 options expiration.