By Mike Yamamoto ofaOptionMonster NEW YORK -- SunEdison has followed the rest of the energy sector lower recently, but option traders are betting on a rebound.a OptionMonster's tracking systems showed that 10,000 October 21.50 calls were purchased for 27 cents to 32 cents onaTuesday. This is clearly fresh buying, as open interest in the strike was just 1,238 contracts before the trades appeared.a These long calls lock in the price where the stock can be purchased through mid-October no matter how far it might climb. They could be sold earlier at a profit if premiums rise with a rally before then, providing potentially significant leverage, but the contracts will expire worthless if shares remain below $21.50.a SunEdison fell 4.65% to $18.88 onaTuesday. The solar-energy company is down more than 10% this month but is now trying to bounce off its 200-day moving average.a The next earnings report is expected in early November, well after the October calls expire, so Tuesday's buyers are looking for a rally even without that potential catalyst. SunEdison also saw short-term call buying last week that turned a quick profit before the stock pulled back.a Overall option volume in the name Tuesday was double its daily average for the last month, with calls accounting for 59% of the total.a Yamamoto has no positions in SUNE. a
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