'Fast Money' Portfolios of the Week

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By Roberto Pedone PEWAUKEE, Wis. (TheStreet) -- The traders of CNBC's "Fast Money" are split as to which way they think the market will move in the near future. On Tuesday's "Fast Money" TV show, Pete Najarian told viewers that a large number of put options are trading. He said the market will continue higher because there's just too much protection in place for the bears to gain any ground.

Guy Adami continues to express a bearish view of the current market rally. He said investors should enjoy the ride while it lasts because it never does. Joe Terranova said the market is overbought but that that doesn't mean stocks will pull back. He thinks there's a possibility of a "super spike" through the end of the year in the S&P 500 to 1100.

Host Melissa Lee pointed out that the market is starting to get some leadership from high-quality financial stocks such as Goldman Sachs Group(GS Quote) and Morgan Stanley(MS Quote).

On Wednesday's "Halftime Report" segment, Jared Levy of Peak6 warned investors that if the S&P 500 fails to hold 1059, which marks the 10-day moving average, it could sell off significantly.

The crew has recently highlighted trading ideas that play off of potential takeover targets for Dell(DELL Quote), missile defense plays and stocks with unusual options activity. Here are some highlights from over the past week as aggregated from the show.

Fast Money's Options Action: The traders have noticed some unusual options activity in a number of stocks. On Monday's "Halftime Report" segment, Jon Najarian told viewers: "I'm seeing a lot of options activity in General Electric(GE Quote). I'm also seeing it in American International Group(AIG Quote)." The Fast Money's Options Action portfolio includes RealNetworks(RNWK Quote) and Palm(PALM Quote).