Shares of AAPL Inc (AAPL) are down .81 to 91.48 today.? AAPL is near the top of the 52 week range today.

Today paper traded 22500 AAPL Jan 2015 95/110 calls spreads for 3.60.? The ADV 474k contracts.? The OI is 15k on the 95s and 44k on the 110s.

The volume went up in 2 giant blocks.? There looked like other spread volume but this should be an opening call spread looking for more upside in AAPL.? The investor is looking for higher prices with roughly a 5-1 risk reward.

?30-day implied volatility is 20%. ? 10-day implied volatility is 16%.? 30 day implied volatility is trading above the 10 Day Historical volatility.

Apple Inc. (Apple), designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and sells a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications.