By Jud Pyle, CFA, chief investment strategist for the Options News Network

In Thursday's trading, we saw bullishness out of at least one investor who is betting that Comcast ( CMCSK) shares are ready to rally throughout the next month.

During midday trading, the investor bought 6,500 CMCSK Aug. 15 calls for 25 cents per contract with the stock around $13.67, which quadrupled options volume across all strikes. Normal daily options volume in CMCSK is approximately 3,300 contracts, vs. more than 12,000 that changed hands with more than two hours left in the trading day. CMCSK has seen close to zero options trade in all other strikes, as more than 11,000 contracts accumulated in the Aug. 15 call strike.

The investor needs CMCSK shares to expire higher than $15.25 on expiration Friday next month. The Aug. 15 calls traded up 5 cents yesterday and are home to current open interest of 681 contracts.

The question of the day: Will these shares rally, or won't they? CMCSK shares have rallied more than 30% since March 9, but they are approximately 13% off a recent high of $15.70 reached on May 4.

On Tuesday, we covered an investor who bet that CMCSK shares had a limited downside, and sold 2,500 Jan. 12 puts for 85 cents.

The company did not announce significant news that might have catalyzed heavy call-buying, but it looks like at least one call-buyer is betting these shares will rally either before, or shortly after CMCSK announces second-quarter earnings figures before the market open on Aug. 6.

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Jud Pyle is the chief investment strategist for Options News Network and the portfolio manager of TheStreet.com Options Alerts. Click here for a free trial for Options Alerts. Mr. Pyle writes regularly about options investing for TheStreet.com.
Jud Pyle, CFA, is the chief investment strategist for Options News Network. Pyle started his career in finance in 1994 as a derivative analyst with SBC Warburg. After four years with Warburg, Pyle joined PEAK6 Investments, L.P., in 1998 as an equity options trader and as chief risk officer. A native of Minneapolis, Pyle received his bachelor's degree in economics and history from Colgate University in 1994. As a trader, Pyle traded on average over 5,000 contracts per day, and over 1.2 million contracts per year. He also built the stock group for all PEAK6 Investments, L.P. hedging, which currently trades on average over 5 million shares per day, and over 1 billion shares per year. Further, from 2004-06, he managed the trading and risk management for PEAK6 Investments L.P.'s lead market-maker operation on the former PCX exchange, which traded more than 10,000 contracts per day. Pyle is the "Mad About Options" resident expert. He is also a regular contributor to "Options Physics."