Riverbed shares are up 30c to $36.60, and touched a new 52-week high of $37.28 Thursday. Option volume is running 5x the daily average in what looks very similar to action seen Wednesday, when an investor was apparently selling Jan 41 calls at $2.80 to buy the Jan 31 – 36 put spread at $2.20, 3000X total. Today, the, Jan. $31/$36 put spread has traded 3,600x in what looks like a purchase at $2.05. Meanwhile, Jan 41 calls traded on the $3 bid, 3600X. Another block of 3400 Sep 40 calls also traded, at the $1.20 ask, and this might be an offsetting trade. In the end, it looks like this strategist is accumulating a bearish position — selling Jan 41 calls and buying the Jan 31 – 36 put spread — over the past two days. Co. reported earnings last week.