CBOE Volatility Index (.VIX) is up 2.09 to 28.31 and the July – Sep 47.5 call spread trades 30000X for 85 cents. One player bought this spread (against a position in VIX Sep futures. Delta = 30), according to a floor contact. It is a possibly a roll from July to September (closing July to open September). In any case, since both options are at the 47.5 line, this calendar or “time” spread seems to reflect the view that VIX will stay below 47.5 through this month’s expiration (19 days), but substantial move higher is possible by mid-September.