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.

Japanese ETF attracts bullish trade: The iShares MSCI Japan Index ( EWJ) exchange traded fund is up 12% in the last three months, and one trader is positioning for it to keep climbing.

Brunswick (BC) options see stable future: After four years of falling stock prices and rising volatility, one options trader sees smoother waters ahead for the speedboat maker.

Long-term bet on Bank of America (BAC): The bank's shares are down, but the options activity is looking for a long-term rebound with a bullish call spread in November.

Calls pops in Chinese aluminum firm: Traders are bullish on the Aluminum Corp. of China ( ACH), which rose 13% last week and is up again today.

Pactiv (PTV) receives bullish trades: The packaging company helped establish the "green shoots" thesis last earnings season, and investors are betting on more good news when it reports earnings tomorrow afternoon.

Studying the VIX: As the volatility index of the S&P 500, the VIX typically moves inversely. That relationship has broken down to some degree over the last couple of weeks, but it doesn't mean that the VIX is broken.

Bearish trade on Diamond Offshore Drilling (DO): Diamond Offshore gapped higher three days before its second-quarter earnings report, prompting one investor to position for a pullback.

Monday Pre-Market:

Rising tide lifts all index levels: With futures higher as we begin a new week, and with last week's closes all above resistance, all levels move up as previous resistance becomes support.

Options bet on Amedisys (AMED) recovery: The provider of home health and hospice drew positive options activity as it reached its highest close since mid-May.

Bulls power up FirstEnergy (FE): The energy company drew bullish options activity Friday after electrical workers ended a two-month strike against a Pennsylvania utility that is one of its subsidiaries.

Consumer-staples ETF draws more calls: Options traders were bullish on the consumer-staples exchange-traded fund for the second day in a row on Friday.

Dim options view for Massey Energy (MEE): The coal producer outpaced the market at the end of last week but still saw downside options activity in out-of-the-money puts.