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Stock Picks: Playing Options

As most investors turn away from financials, there could be a way to make opportunities to the downside, said Randy Frederick, Charles Schwab director of derivatives, on CNBC's "The Call."

Recommendations:

As investors are bearish on Citgroup, Wells Fargo, Merrill Lynch and Washington Mutual, there are opportunities to the downside, said Randy Frederick, Charles Schwab. Meanwhile, Wachovia was only a surprise to investors who were not aware of the options activity, he said. "Wachovia was a big surprise, but if you look at the options activity, the puts were building like crazy."

Other Picks: IBM

Disclosure: Disclosure information for Frederick was not available.

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