96,000 calls traded on Yahoo (YHOO) today, or 8X the expected. A lot of the activity was due to two strategists. At about 12:20, one bought 20K January 2011 calls at 95 cents apiece against a position in 465K YHOO shares at $15.53. Thirty minutes later, a strategist sold Jan 2011 20 – 30 call spreads at 87 cents, 22000X, and also sold the Jan 2011 12.5 – 15 strangle at $2.75, 20000X, against a position in 520K shares at $15.53.