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) -- Cisco Systems (CSCO) sees put action even as shares rise: The networking company stock has climbed 18% over the last six weeks, but one trader is extending a bearish position.

Dish Network (DISH) trader looks for modest decline: Dish is drifting lower after failing to break above $22 this month, and one trader is positioning for a steeper decline.

Bearish butterfly takes off in metals and mining fund: Maximum profit is some 9% to the downside.

Bank fund targeted for pullback: Options volume surged in the SPDR KBW Bank ( KBE) exchange traded fund as an investor positioned for a modest pullback in the banks.

Alcoa (AA) head and shoulders forming?: The bearish pattern would become active below $12.60.

Options trade looks for rebound in Mosaic (MOS): Mosaic sees bullish options trading in the new May expiration.

DRJ says Cisco hype may be justified: Once people had time to digest what the company's new technology could really do, Jon says many realized that they hype might not have been as overdone as first thought.

Monday Pre-Market:

Bulls betting on Celldex Therapeutics (CLDX): The money-losing microcap drug developer has been climbing despite a lack of good news after the bears were unable to push it to new lows last month.

Volatility play on BHP sister company: Option volume surged in BHP Billiton Plc. ( BBL) Friday as an investor placed a volatility trade on the obscure Australian portion of the global mining giant.

Adobe (ADBE) attracts large bearish trade: Significant bearish action dominated the option activity in the software maker as shares fell 3 percent on Friday.

Put buyer targets Sherwin-Williams (SHW): The paint company is trading just below its highest levels in more than to years, but Friday's option activity saw heavy put buying.

-- Reported by David Russell of OptionMonster in New York.