These long calls lock in the price where shares can be purchased. They can provide significant upside leverage, but will expire worthless without a rally.
JPMorgan fell 0.15 percent to $54.89 yesterday and is sitting back near its peaks from late May. The July call buyers could be looking for more good numbers from the financial sector or simply betting the overall market will drift higher. Total calls in JPMorgan outnumbered puts by almost 51,000 to 18,500.
Earnings came out last week, and Citigroup reported Monday morning. Goldman Sachs reports today, followed by Bank of America tomorrow and Morgan Stanley on Thursday.
—By CNBC Contributor Pete Najarian
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Options Trading School:
Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com. Najarian owns JPM calls.