State Street shares are off 25c to $43 and have tumbled some 15% since the Oct. 19 earnings report. Today option volume is 2x the daily average with notable transaction being the sale of 5,000 of the December $50 calls at the 50c bid price. The same strategist also bought 3000 Nov 45 calls at $1.025 and sold 3000 Dec 40 puts at $1.575. All against a position in 61.2K shares at $42.90. This appears to be a short-term bullish trade, but not in anticipation of a move above $50 by Dec expiration.