ValueClick (VCLK: sentiment, chart, options) is scheduled to take its turn in the earnings spotlight after today's closing bell, and option traders are loading up on bullish bets ahead of the event. The International Securities Exchange (ISE) reports that option traders bought 1,767 VCLK calls to open on Monday, compared to 35 puts that were bought to open. VCLK's single-day call/put volume ratio on the ISE was 50.49, with bullish bets soundly outweighing their bearish counterparts.

As a result of yesterday's trading, more than 1,200 new contracts were added at the May 20 call. At last check, this call is in-the-money by about half a point. There are now a total of 5,857 contracts in residence at this strike, marking it as the site of peak call open interest in the front-month series.

VCLK's Schaeffer's put/call open interest ratio (SOIR) backs up this optimistic bias from speculative traders. The SOIR dropped overnight from 0.32 to its current reading of 0.29. The ratio is now just 11 percentage points away from an annual bullish peak.

On average, analysts are looking for a first-quarter profit of 16 cents per share from VCLK. VCLK should fare well if it can meet or beat these expectations, but an earnings miss could spark an unwinding of some bullish sentiment.