By Pete Najarian, co-founder of OptionMonsterChinese solar wafer maker ReneSola ( SOL - Get Report) rose Monday along with some upside options activity. Trading was focused on the July 7.50 options, where more than 7,500 calls traded in a strong buying pattern, according to OptionMonster's tracking systems. That total approached four times open interest and dwarfed the average call volume of just 91 contracts at that strike. Renesola may be a bit overdone at this stage, having rocketed roughly 50% in just the last week even after lowering guidance in May. The shares, which ended Monday's session up 8% to $6.71, will still need to rise at least another 20% for those July 7.50 trades to turn a profit.
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