Lehman Brothers (LEH, news, chart) is making a run to session highs in recent trade. The stock is up 38 cents to $16.25 and not far from its best levels of the day and the week ($16.33). The move seemed to gather some momentum around 11:00 Eastern time (which, in terestingly, also coincided with a spike in the ten-year Treasury and a lift in the S&P 500 off session lows). A jump in options volume happened at the same time. Shortly after 11:00, a player bought 20,000 of the January 16/22.5 bull call spreads and also sold the same number of January 10 puts. The trade is substantial and is similar to others we have seen in recent days. It all seems to be very bullish trading in the options of the battered brokerage firm.