Virgin Media (VMED) loses $1.37 to $22.24 and one strategist sells 10,000 Jan 29 calls at 65 cents to buy 6,000 Jan 25 calls at $1.80. It likely rolls a position opened a few weeks ago when the Jan 29 – 33 (1X2) call ratio spread was bought at 60 cents, 10000X (see 7/14 color). If so, the investor now has a Jan 25 – 33 (6000X20000) ratio spread and is looking for the stock to rebound through Jan 2012. Shares of the media giant are down 19.4 percent since the initial trade was initiated.