Options Traders Bet on Gain in ConAgra

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) -- Traders look to lock in Century Aluminum(CENX) profits: The aluminum producer is up 3.6% today, but traders are selling in-the-money calls against large stock activity.

Lincare Holdings(LNCR) receives vote of confidence: The home health-care services company has been rallying since mid-June, and now volatility sellers are jumping on the bandwagon.

Sonus Networks(SONS) targeted by volatility seller: The small-cap provider of Internet-telephony systems is rallying higher, and one options trader is selling volatility while the getting's good.

After long run, Apple(AAPL) chart is bearish: The Apple daily chart has turned bearish for the first time since its March lows. The stock broke decisively below its 50-day moving average Friday.

Why one trader is bullish on ConAgra Foods(CAGS): Option traders remain bullish as the food company hovers around its 52-week highs. One trader remains bullish with a call diagonal spread.

Call sellers hit Associated Banc-Corp(ASBC): Call selling appears to be the theme of the morning, and we see it across sectors, including in this bank holding company.

Monday Pre-Market:

Rising dollar throws indexes off track: Stock index futures suggest that we will visit more downside. The higher U.S. dollar has thrown the markets a curve ball that it may not be able to fight.

Bulls bank on New York Community Bancorp(NYB): Options action turned bullish late last week on New York Community, which is attempting to break out of an eight-month trading range.

Trader calls top in New Jersey utility: Public Service Enterprise Group(PEG) failed to hold early gains in Friday's session, prompting one investor to cut and run.

What bulls see in Pride International(PDE): The offshore-drilling company has been consolidating at a resistance level from 2008, and now one investor is positioning for a potential break to the upside.