Bulls Target Cardinal, Cypress: Options Recap

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.

NEW YORK (TheStreet) -- Potential bullish pattern for Cypress Semiconductor(CY Quote): When the semiconductor company reports earnings Thursday, its stock will have a potential bullish pattern on its weekly chart.

E*Trade Financial(ETFC Quote) faces large call sale: The online brokerage has been able to break above $2 only for a handful of days since falling below that level back in October 2008, and one trader is trying to capitalize on that now.

Bull extends play in Cardinal Health(CAH Quote): The health-care supply giant has been trending higher since July, and one investor is using options to extend a long position in the stock while taking some money off the table.

Volatility index reaches 52-week low: The VIX is at the lowest level since Sept. 3, 2008. While many are looking at this as outright complacency, it may not be that simple.

New ways to play Sector Detector: Our weekly sector feature resumes with new rankings and strategies. First up: Possible trades that are long XLP/XLU and short XLB/IYZ.

Wednesday Pre-Market:

Indexes show potential bullish patterns: For the bears, today may be the sum of all fears. Earnings news so far is not only good but quite frankly spectacular, given the global economic backdrop.

Radvision(RVSN Quote) attracts bullish trading: Stock and option trading took a potentially bullish tone yesterday in this tiny Israeli tech stock, which cratered two weeks ago.

Traders make cheap bet on InfoSpace(INSP Quote): The search services company has steadily declined for the last two months, but some traders are making a cheap bet that the stock will pop by the end of the week.

Valero Energy(VLO Quote) draws put activity: Option traders are expecting the volatility to pick up in the refinery in the fourth quarter and seems to be buying puts for protection.