Pete Najarian spoke on CNBC's "Options Action," about unusually high options activity in iShares Silver Trust (NYSE: SLV).
He said that SLV options were very active since April and on Thursday traders bought 100,000 contracts of the January $25 calls for $4.55. These calls are in the money, which means that somebody wants something that is going to move much closer to the stock itself, said Najarian. He bought the SLV calls, but instead of the January $25 calls, he decided to go a little bit further out.
He also bought MGM Resorts International (NYSE: MGM) because he noticed a purchase of the August $18 calls in the name. Traders were also selling the August $19.50. He is going to be in the position for a couple of weeks.
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