SPYders (SPY) added 91 cents to $104.47 through midday Monday and morning trades include a Jan (2010) 110 – 114 call spread, bought at $1.12, 20000X on CBOE. That is, they paid $2.04 to buy the Jan 110 calls and collected 92 cents for the 114s, paying a net debit of 2.04 – .92 = 1.12. The potential payoff (excluding commissions) is $2.88 if the SPYders Jump to $114 (9.1 percent) or more by the January 2010 options expiration.