Microsoft (MSFT) loses a nickel to $26.93 and is one of 27 Dow stocks trading lower Monday morning. Early options trades on the software-maker include a Feb 29 – 30 call spread for 21 cents, 4100X on ISE. More than 10K now traded and sentiment data indicate a firm is opening a new position in the spread. MSFT is up 9.8 percent since Oct 3, but has been trading sideways in a range during the past two weeks. Shares recorded a 52-week high of $29.46 intraday on 1/27. Today’s spread trader might be looking for the stock to break out of the recent range and revisit those levels through mid-Feb 2012.