A massive butterfly spread surfaced in BofA (BAC) a few moments ago. Shares are down 2 cents to $16.06 and the strategist is focused on the January 2011 calls. To be specific, they sold 100000 Jan11 30 calls at 37 cents to create the body of the fly. They bot half as many (50K each) of both the Jan11 20 calls and Jan11 40 calls, at $1.82 and 12 cents, respectively, for the wings. Consequently, they paid $1.20 per fly and are positioned for shares to move towards $30 during 2010.