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Bulls Put Money in Bank of Montreal

Traders are looking for upside in the Bank of Montreal, which is less volatile and far more consistent than the big U.S. banks.

Option activity was strong early in yesterday's session as traders bought plenty of time for a move. The March 65 strike saw more than 20,000 calls trade, the bulk of them going for $1, according to OptionMonster's real-time tracking systems.

Those options lock in a $65 entry price on the Canadian bank anytime by expiration in mid-March. So if the shares continue to rally, those calls will provide a ton of leverage.

BMO leapt at the open and finished the session up 2.96 percent to $61.14. The stock has a nice dividend yield near 4.7 percent.

Almost 28,000 calls traded in the name versus fewer than 1,700 puts, reflecting the bullish sentiment. Total option volume was 38 times greater than average.

—Najarian has no positions in BMO.

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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com.

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