Date updated:07-31-2008
The "Fast Money" traders have observed some unusual options activity in a number of stocks.

-
XLY
Consumer Dis Ss S - $22.02
- -3.97%
- $22.47
A big institutional buyer bought calls in this ETF on Tuesday, Najarian reveals, which suggests the whole sector could soon go higher.

-
XLF
Financial Sel Spd - $11.99
- -5.22%
- $12.36
The traders discussed ways to play the news that Merrill Lynch (MER) plans to sell a large amount of its asset-backed securites and issue new stock to raise $8.5 billion. I’d buy puts on the Financial Select Sector SPDR (XLF) or I’d get long the ProShares UltraShort Financials ProShs (SKF) said Pete Najarian.

-
SLW
Silver Wheaton Co - $5.71
- -12.29%
- $6.43
Options action in this name suggests the stock could move higher in September, explains Pete Najarian.

-
EMC
E M C Cp - $11.18
- -1.32%
- $11.12
The buyers are institutional size buyers, adds Pete Najarian. There were massive orders coming in. I think there’s something going on, Najarian adds. Someone believes the price will be heading north sometime soon!
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A. agree with the other post even if they
continue the majority of the drilling
the market will not give RIG a solid
look till the oil price starts moving
and up. Oil price with follow the
economy.
A. small trading before thrusday
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