I’m seeing a lot of put action in the XLF (XLF), says Pete Najarian. But there is no panic. I think it’s protective buying.

It seems to me the conviction is there and it’s going to sustain, says Fast Money trader Pete Najarian. I’m seeing an incredible amount of bullish call activity in miners such as Gold Fields (GFI). But whether it’s a short squeeze or not – I can’t tell you.

Pete Najarian has spotted unusual options activity in Brocade (BRCD). A large volume of the Oct 9 calls traded on Monday, which suggests this stock could make a sharp move higher, explains Najarian. Market speculation suggests that Brocade (BRCD) has quietly put itself up for sale and there’s chatter that Hewlett (HPQ) and Oracle (ORCL) are potential buyers.

Pete Najarian has spotted unusual options activity in the Mylan November 17 calls. The activity suggests to him Mylan stock (MYL) could make a sharp move higher. It’s worth noting there’s market speculation that this firm may be a takeover target.

Najarian said there has been incredible options activity in the Market Vectors Gold Miners (GDX) and usually strong options activity in Gold Fields (GFI).