Gold futures are extending yesterday's rebound from 10-month lows, which is boding well for commodity concerns like Goldcorp Inc. (GG - 35.55). What's more, it looks like the options crowd is taking notice, with roughly 13,000 GG calls traded thus far -- almost twice its average intraday call volume, and close to three times the number of GG puts exchanged.

Attracting the most attention has been the out-of-the-money June 41 call, which has seen more than 2,700 contracts change hands on open interest of fewer than 1,400 contracts, pointing to an influx of new positions. However, the bulk of the calls have crossed between the bid and ask prices, making it difficult to discern whether they were bought or sold.

In any event, today's affinity for short-term calls is just more of the same for GG. In fact, the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.50 indicates that calls double their put counterparts among options expiring within three months. What's more, this ratio sits just two percentage points shy of a 52-week low, suggesting near-term options players have rarely been more call-heavy during the past year.

Echoing that sentiment, the security sports 10 "strong buys" and four "buy ratings, compared to just three "holds" and not a single "sell" recommendation. However, while the shares of GG have tacked on 2.3% to linger in the $35.55 region today, the stock is still staring up at its 20-day moving average. This trendline, along with its 10-day counterpart, has ushered GG to a year-to-date loss of 21.4%. Should the equity run into a wall and extend its recent journey into multi-year-low territory, a round of downgrades could exacerbate GG's slide.