Option Recap: CB Richard Attracts 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.

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

Heavy put action in NCI Building Systems (NCS Quote): The construction metal company plunged with downside options activity after posting larger-than-expected losses in its quarterly report.

Understanding the S&P 500's range: Bulls see a consolidation of gains, and bears see churning at the top. Regardless of your outlook, it is important to grasp the nature of where and how the benchmark index is trading.

CB Richard Ellis Group (CBG Quote) up with call action: Stock and options traders are bullish after the commercial real estate firm said it expects to raise $100 million from the sale of 13.44 million shares to hedge fund Paulson & Co.

Covidien (COV Quote) faces bearish options trade: A large trader is betting on a pullback in the medical supplier, which has risen 24 percent in the last three months.

Options bullish on Treasury bond ETF: A large trader is betting on a rebound in long-term Treasury bonds, which have taken a beating as markets worried about the U.S. budget deficit and money shifted to higher-yielding assets.

Wednesday Pre-Market:

Bulls charge into Sequenom (SQNM Quote) stock, calls: Shares of the genetic-analysis company fell 75 percent after a testing debacle in April but rallied hard Tuesday amid heavy options activity.

Traders bullish on National Semiconductor (NSM Quote): Trading turned bullish in the semiconductor maker Tuesday as at least one big investor bet on a continued rally.

Morgan Stanley (MS Quote) draws put action: Downside options volume surged as the investment bank reached a potential resistance level following a 200 percent run.

Mortgage, trade, oil reports on tap: The economic calendar picks up today in volume, variety, and relative importance.