Peloton Interactive Inc (NASDAQ:PTON) shares are trading up 5.8% at $34.51, bouncing back from a recent pullback that was caused by the company's highly scrutinized holiday ad. After dropping three in a row following the Dec. 12 peak of $37.02, the shares are set for a second straight win today after opening back above their 10-day moving average. Options trading has picked up in response.

Short-term call contracts are popular, and leading the way is the weekly 12/13 35-strike call. Those buying the calls are betting on PTON stock rising above $35 by the end of the week, when the contracts expire. There are also new positions opening at the December 33 call, the second most popular option today. The rush for these short-term options has caused implied volatilities (IV) to rise, though, with the 30-day at-the-money IV increasing 11.3% today to 85% -- a reading that's near all-time-high levels.

Another stock seeing unusual options trading today is Lumber Liquidators Holdings Inc (NYSE:LL). Call volume has exploded to test annual-high levels, with more than 12,000 on the tape so far -- compared to a daily average of 975. Traders are opening new positions at the December 9.50 and 10 calls, potentially betting on more upside in the coming days.

LL shares were last seen up 3.7% at $9.53, pushing back toward the $10 level that's acted as a ceiling since their September bear gap. The $9.50 area is also home to the flooring retailer's year-to-date breakeven level. Interestingly, call buying was already hot before today, judging by the 10-day call/put volume ratio of 38 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks in the 99th annual percentile.