By David Russell of OptionMonster 

NEW YORK -- Starbucks (SBUX - Get Report) fell last week after revenue missed estimates, but now the bulls are back.

OptionMonster's Heat Seeker system detected the purchase of almost 17,000 December 80 calls Tuesday, most of which priced for 58 cents. Volume was more than triple the previous open interest in the strike, which indicates that new positions were initiated.

These long calls lock in the price where investors can buy stock in the coffee chain, letting them profit from a rally with only the limited cost of the option premiums at risk. They can also generate significant leverage if the stock moves higher.

Starbucks rose 0.8% to $76.71 on Tuesday. The stock is up 5% since mid-October and is now trying to hold support at its 50-day moving average. It reached an all-time high of $82.50 exactly one year ago.

Tuesday's total option volume in the name was triple its daily average, with overall calls outnumbering puts by more than 4 to 1.

Russell has no positions in SBUX.

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