Options Recap: Bears Target Charles Schwab

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.

Below is a compilation of stories that ran yesterday on OptionMonster.com, which uses advanced monitoring systems to detect trading patterns by large institutional traders and retail investors.

Charles Schwab faces bearish trade:(SCHW Quote) One big trader is using a risk-reversal strategy to bet against the brokerage company's shares.

Options used to cut State Street risk:(STT Quote) As the bank rallies, at least some traders are using options to mitigate potential downside in the share price.

Tata Motors breaks above pattern:(TTM Quote)The Indian carmaker is up big, and the technical indications suggest there could be even more gains ahead.

Zions Bancorp draws put action:(ZION Quote) The bank leapt more than 13% on the day, but one options trader is playing the downside.

Second bullish pattern in PetroChina:(PTR Quote) For the second time in a week, a bullish chart pattern is taking shape.

Monday Pre-Market:

American Capital gets call buying: American Capital(ACAS Quote) is starting to see upside options activity as the stock digs its way out of the ashes.

Calls pop in Chinese medical device firm: China Medical Technologies(CMAD Quote) has tapered off after a huge run last month, but is still drawing call buying in large numbers.

Bullish bet on Ameristar Casinos: After apparently hitting the jackpot with Ameristar Casinos(ASCA Quote), one big trader is making another bet on the stock.