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Apple has been dropping for the last six weeks, but now buyers are returning.

optionMONSTER's tracking systems shows a surge of trading in the tech giant, with most of the activity focusing on short-term contracts expiring this Friday.

The Weekly 550 calls are the busiest contract, trading more than 25,000 times, followed by the 560s, 555s, and 550s in that order. There is also noteworthy selling in the Weekly 535 and 530 puts as investors look for the stock to remain above those strike prices.

AAPL is up 4.48 percent to $554.12 in afternoon trading. It peaked at $644 in early April and has been following the rest of the market lower since. Today's rebound comes after the shares bounced at their 100-day moving average in Friday's session.

More than 480,000 contracts have traded in the stock so far, more than twice the average volume. Weekly contracts account for almost half the total.

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