Medtronic, Macy's Options Attract Bulls

OptionMonster co-founder Pete Najarian provides options picks Monday, Wednesday and Friday in TheStreet.com's Deep in the Money Calls newsletter.

David Russell, reporter for OptionMonster.

Oil services face bearish sentiment: Oil-service stocks have been lagging the rest of the market and other energy names, and now some traders are looking for lower prices.

Traders cautious on Waste Management(WM Quote): The trash hauler is getting a pop after positive coverage in Barron's over the weekend, but some traders are hedging their bets.

Medtronic(MDT Quote) chart shows bullish signs: The medical device maker's chart shows a potential bullish "flag" but also illustrates one of the trickier situations a trader may encounter ahead of earnings news.

Origin Agritech(SEED Quote) calls soar with stock rally: The Beijing-based agriculture company is up nearly 70% today on the approval of the world's first genetically modified phytase corn.

Why bulls are buying as Macy's(M Quote) falls: The department-store chain has been edging lower for the last five weeks, and now some traders are looking for a rebound.

Bare Escentuals(BARE Quote) draws put action: The cosmetics and skin-care company is experiencing put activity as it pulls back from the highs of the day but remains up more than 2%.

Monday Pre-Market:

How major indexes can break out: With the futures pointing higher, it is possible that we could see the indexes break out. The key is whether they can close above noted resistance.

Bulls bank on Washington Federal(WFSL Quote): The thinly traded savings and loan has been marching higher while other financials have stalled, and now at least one big investor is looking for a continued rally

Silver Wheaton(SLW Quote) draws put buying: Shares of the silver company are up 550% over the last year, but put buying was the trade of the day on Friday.

Trader puts brakes on transports: The Dow Jones Transportation Average has been unable to make new highs for the last two months, and now one investor is positioning for a drop.