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On CNBC's "Fast Money Halftime Report", Jon Najarian said he noticed bearish options activity in SPDR S&P Oil & Gas Explore & Prod. (ETF) (NYSE: XOP). He explained that options traders are buying the December 32 puts ahead of the OPEC event, which is scheduled for November 30. Around 36,000 contracts were bought in the first half of the trading session and they paid 24 cents for them. The trade breaks even at $31.76 or 7.32 percent lower.
Pete Najarian spoke about bullish options activity in QUALCOMM, Inc. (NASDAQ: QCOM). Around 5,000 contracts of the December 70 calls were traded at 37 cents in the first half on Thursday. The trade breaks even at $70.37 or 6.25 percent higher. Pete Najarian followed the trade and he is going to hold it until expiration.