By Pete Najarian, co-founder of OptionMonster

SAN FRANCISCO ( TheStreet) -- The market climbed back from recent lows Wednesday, and Visa ( V) perked up to go along for the ride.

The credit-card giant has been holding $70 since the May "flash crash," and it may now be ready to rally back to its 50- and 200-day moving averages with its earnings report scheduled for July 28.

OptionMonster's tracking systems lit up with purchases of the August 75 calls, which traded in big chunks for $3.20 and $3.25. Almost 6,000 contracts traded, nearly triple the open interest. Overall calls in the name dominated the activity vs. puts by about 3:1 in the name.

Visa rallied 3.53% to $74.82 Wednesday, and must climb at least 5% by expiration for the calls to turn a profit. It had traded at an all-time high of $97.19 before falling off the cliff in late April.

The bulls have actually been waiting for this stock to pop for awhile, judging by the heavy call activity over the last month.

The company beat estimates on both the profit and revenue lines the last time is issued results. Most of the recent downside has occurred along with the rest of the market while traders have worried that new credit-card regulations would reduce volumes.

But with the stock holding $70 and earnings coming out soon, traders seem to think the long bet is the wiser one right now.

At the time of publication, Najarian had no positions in any stocks mentioned.

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