Options Action: GE, Bank of America

What if you could just insure your house for the days the weather man is predicting a storm?

Well that's exactly what investors get to do this Friday, when two huge names report earnings on an expiration Friday - Bank of America and GE – CNBC’s parent company.

How can you take advantage of this rare opportunity?

Mike Khouw of Cantor Fitzgerald has a few suggestions. One of his trades follows.

GE Options Chain - Stock At $19.30
Buying April 19-Strike Put For $0.15

How Mike's Trade Makes Money
Losses Above $18.85
Profit Below $18.85

Find out more about this trade and others. Watch the video now.

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Trader disclosure: On Apr 14, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Kelly Owns (DHI), (MS), (GOOG), (IBM), (TXN), (S); Terranova Owns (AXP), (HES), (TER), (APA), (YHOO), (MOS), (SWN), (XCO); Terranova Is Short (LCC); Terranova Owns (C) Calls; Kelly Owns (FXE) Puts ; Kelly Owns (FRE); Adami Owns (INTC), (GS), (AGU), (MSFT), (NUE), (BTU), (C) ; Seymour Owns (BAC), (EEM), (F), (INTC), (LVS), (SBUX), (AA), ( BX), (MGM); Najarian Owns (BAC) Call Spread; Najarian Owns (C) Calls; Najarian Owns (FITB) Calls; Najarian Owns (LVS) Call Spread ; Najarian Owns (MOS) Call Spread; Najarian Owns (PCX); Najarian Owns (YHOO) Call Spread; Najarian Owns (YUM) Calls; Gartman Owns (DRI), (PNRA), (CMG); Cortes is Short (LVS) & (WYNN)

For Tim Seymour
Seymour's Firm Owns (POT)

For Brian Kelly
Kelly's Firm Owns (DHI),
Kellys Firm Owns (MS)
Kellys Firm Owns (GOOG)
Kellys Firm Owns (IBM)
Kellys Firm Owns (TXN)
Kellys Firm Owns (S)
Kellys Firm Owns (BX)
Kellys Firm Owns (CCI)
Kellys Firm Owns (TLT)
Kellys Firm Owns U.S Dollar
Kelly's Firm is Short Euro

For Patty Edwards
Edwards Owns (JPM) for Clients
Edwards Owns (INTC) for Clients
Edwards Owns (GS) for Clients
Edwards Owns (MCD) For Clients
Edwards Owns (HD) For Clients

For Mike Khouw:
Cantor Fitzgerald is a Market Maker in (GE)
Cantor Fitzgerald is a Market Maker in (BAC)

For Mark Kalinowski
Janney seeks investment banking business from (MCD) (YUM)
Janney is a market marker in securities of (MCD)



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