Shares of graphics processor manufacturer NVIDIA Corp. (NVDA: sentiment, chart, options) have been targeted by what appears to be a wave of front-month call buying today. Specifically, four blocks totaling 4,900 contracts traded on the equity's July 11 call shortly after noon Eastern time. The contracts crossed at the ask price of $0.80 on the NYSE Arca and were marked "spread." However, after much scrounging around, I was unable to locate the other half of this supposed spread position.

Putting the "spread" designation on the backburner, the total outlay for this trade as a standalone call position is $392,000. The trader needs NVDA to rally more than 4.5%, from yesterday's close at $11.29, to $11.80 at expiration in order to reach breakeven on the position. At last check, NVDA was up 0.8% at $11.38.