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• JPM 73% Rate It

Without any news from banking giant JPMorgan Chase & Co. (NYSE: JPM ) , heavy call volume hit the tape out of the gate and the majority of the volume suggests investors took a bullish stance on the company.

Between 10 a.m. EST and 10:14 a.m. EST, 3,800 September 37 calls changed hands for a premium of $2.43 per contract . These calls are home to current open interest of 2,700 contracts, indicating investors could have bought to close these calls but a look at the size of the blocks that traded, however, suggests investors most likely opened long call positions. Investors who bought these calls to open will make money if JPM shares are trading above $39.43 at September options expiration. This action calls for a 7% climb from the stock's current level, and investors could theoretically make unlimited profits if the stock continues to the upside. If JPM shares are trading below the strike price, the investor loses 100% of the premium paid per contract. The investor will take back some of the premium paid if JPM shares are trading between the breakeven price and the strike price at expiration.

JPM did not announce any news today, but the stock is outperforming the broad-market gains. JPM has gained nearly 3%, or 97 cents, to $36.80 during morning trading. The bank is due to announce earnings figures on July 15 before the market opens and analysts estimate earnings of 73 cents a share.

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