Trade of the Day: Short YHOO stock hedged with April 18/20 Call Spreads

The Trade
An interesting and somewhat complex trade went off in YHOO today as a trader bought 46,500 April 18 / 20 call spreads for $0.30 or $1,395,000, tied to 744,000 shares of stock short at $16.45. 

Risk / Reward
Above you can see the risk reward if this trader held the position until expiration.

I personally think this trade was initiated for a few days or a few weeks.  As shown in the graph above you can see the risk reward for tomorrow.  It has a positive vega so an increase in volatility will help.  This could be a volatility play off the jobs numbers.

As time passes and we move into the beginning of March this trade really needs a move above 17.5 or below 15

In conclusion, it appears this trader expects a big move out of YHOO tomorrow after the jobs numbers or expects YHOO to break out of its current trading range over the next few months.  Obviously another possibility is that this trader already had an existing position and is just adjusting.