By David Russell of OptionMonster

NEW YORK -- For the second time this month, traders rang up some fast money in Target ( TGT - Get Report) . 

Less than 10 minutes into Wednesday's session, OptionMonster's tracking systems detected buying in the short-term Weekly 63.50 calls expiring this Friday. The initial blocks priced for 24 cents to 36 cents as investors locked in their entry price to the big-box retailer. 

These long calls are an effective way to position on a rally because their risk is limited only to the cost of the options. But that cheap entry price can also result in significant upside leverage on%age basis if shares rise. 

And rise they did Wednesday. Target shares paused briefly after the paper hit, climbed late in the morning, and ended the session up 1.27% to $63.88. The Weekly calls roughly doubled to 60 cents in the process. More than 5,500 contracts traded against open interest of 1,625. 

The retailer has been working its way higher after hitting a 52-week low around $55 in February, brushing off a customer-data breach and strengthening its financial numbers in recent quarters. It's also benefited more recently from improved sentiment toward consumer-discretionary stocks. 

Total option volume was twice average amounts Wednesday, with calls outnumbering puts by almost 5 to 1. 

On Sept. 10 our scanners also found activity in various calls expiring this week, and those doubled in a matter of hours as well. Then last week we saw more buying in Weekly 66 calls that expire on Oct. 10.

 Russell has no positions in TGT.


This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.