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Option Traders Looking for a Disney Pop

Walt Disney bounced off its lows yesterday, and buyers started looking for magic in upside options.

Attention focused on the October 35 calls, which traded for $0.89 to $0.90 more than 3,400 times. That was more than twice the previous open interest, which means that new money is positioning for the stock to pop in the next two months.

DIS ended the session down 0.15 percent to $33.37 after dropping almost 2 percent at one point during the day. Total calls outnumbered puts in the name by about 2 to 1.

Option activity has been strong in Disney since it reported earnings last week, when the stock fell below $30 for the first time since February 2010.

—Najarian owns DIS calls.

Second Opinion: Walt Disney in a Mouse Trap

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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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