A massive call spread traded in VIX options on the CBOE today, as a customer sold 130,000 Jan 22.5 – 25 call spreads for a 1.30 credit to open a new position. With Vix currently trading near 22, this seller appears to be positioning for index (and implied volatilities in general) to hold steady or decline in the short term. VIX touched a 52wk low of 19.77 on 11/20, and this spread has helped set a new 2009 record of 415,000 contracts in the product. Sources tell us GS executed the trade.