A massive trade in Microsoft calls printed on the ISE this afternoon, totalling nearly 180,000 contracts, versus a hedge 700,000 shares at $26.11. Data indicates a customer bought 128960 September 28 calls to open, for an avg price near 24cents, and sold nearly 50,000 Jan-12 30 calls to open at an avg price near $1.975. Net options premium is about $6.7million collected on the trade, and while initially delta neutral, the trade is very long gamma and profitable if shares sell off sharply, or rally beyond the $29 level. Theta on the trade is nearly $54k/day and it may be related to the 190,000 contract spread that traded yesterday in MSFT (in that case, paper bought Sep 17th 27.5 calls against a sale of Oct 27s.)