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Comerica fell on a weak earnings report yesterday, but one investor took advantage of the drop to get long.

optionMONSTER's Heat Seeker monitoring system detected the purchase of 1,500 November 30 calls for $0.83 and the sale of an equal number of November 30 puts for $0.62. Volume exceeded open interest at both strikes, indicating that new positions were initiated.

The trade cost $0.21 and is highly leveraged to upside in the Texas-based financial-services company. If it rallies, the long calls will inflate while the short puts lose value. The opposite will happen if the stock declines, so the position is very similar to buying shares. The main difference is the leverage, which is more than 100 times compared to the stock price. (See our Education section)

CMA declined 2.38 percent to $30.30 yesterday after reporting third-quarter profit of $0.59 a share, falling short of the expected $0.65. Revenue of $624 million also came in below the $633.7 million consensus estimate.

Despite the miss, CMA has been working its way higher for the last year as sentiment has improved in the financial sector. That could be prompting some traders to get long on the stock's pullback.

The bullish trade pushed total option volume to 5 times greater than average in the session, according to the Heat Seeker.

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