Microsoft options (normally behind AAPL and BAC for volume) is leading the single stock space this morning, with a large spread executed on the AMEX at 11:33ET when shares were at 27.95. Initiator bought 80,000 Jan 26 calls for 1.90 and sold 117k July 28 calls for 1.48, netting a credit of about $2.1million. Trade history shows that the Jan 26s were opened last Nov when paper sold the 26-27.5 call spread for 46cents (traded at slight ratio) when MSFT was near 25.31. Trader appears to be taking losses but but continuing a view that MSFT will not see levels much above current $28 range.