By Jud Pyle, CFA, chief investment strategist for the Options News NetworkA longer-dated call spread in Abercrombie & Fitch ( ANF) crossed the tape during today's trading session thanks to an investor who expressed moderate bullishness on the clothing retailer. ANF shares closed up 46 cents to $45.32 without any news from the company today. ANF has not announced its next earnings release, but the market expects the quarterly report sometime around May 13. ANF reached a 52-week intraday high of $45.74 Thursday, and the call-spread action we saw today suggests investors anticipate the stock will climb much higher throughout the longer term. Around 12:33 p.m. EST, nearly 10,000 January 2011 55-65 call spreads were purchased for a premium of $1.60 per spread. An investor paid $2.35 per contract for the January 55 calls and sold the January 65 calls for 75 cents per contract. This means investors will make money if ANF shares close higher than $56.60 at January 2011 options expiration, but the spread protects against significant losses (any losses are capped at the premium paid of $1.60 per spread) if the stock stays lower than $55. ANF stock has a 30-day historical volatility of 43%, and the January 55 calls have an implied volatility of 35%, while implied volatility of the January 65 calls is 33%. The January 55 calls have gained 19 cents so far on the day, while the 65-strike calls are currently up 12 cents on the day. It's interesting that the options action we saw cross the tape today suggests ANF is due for a big rally, and the stock could climb a whopping 44% prior to January 2011 options expiration. Jud Pyle is the chief investment strategist for Options News Network (www.ONN.tv) and the portfolio manager of TheStreet.com Options Alerts. Click here for a free trial for Options Alerts. Mr. Pyle writes regularly about options investing for TheStreet.com.