Pete Najarian is seeing unusual options action in Comcast (CMCSA). The volume in the Comcast Feb. $17.50 calls suggests to Najarian that this stock could soon go higher.

According to Jon Najarian the options trading in HSBC (HBC) looks very bad. There’s very strong put buying in this stock. And Najarian says the trend is eerily similar to options trading in Bear and Lehman. “It’s falling off a cliff,” he says. “They are buying puts at the 50-strike, 45-strike, 40-strike. I’ll get real scared if they start buying the 20-puts because that’s the kind of pattern we saw in Lehman and Bear. They (institutional investors) are buying 50% out of the money puts.”

The fact they have to jettison this profitable arm (Smith Barney) isn’t good, adds Jon Najarian. There’s very strong put activity in this stock, he adds

Bank of America traded a million options contracts on Thursday, says Pete Najarian. That’s 10 times regular volume.