Options Action: NetLogic Microsystems

With earnings out in November and high short interest, NetLogic Microsystems is a "volatile name," said Mike Khouw of Cantor Fitzgerald. But the options aren't that expensive and assuming the stock has technically bottomed out, Khouw wants to make a bullish bet to play on that high short-interest.

***MIKE'S NETL TRADE****
Buy Jan. 26 calls at $2.15

Learn more about this trade, watch the video now!

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Trader disclosure: On Sept. 15th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Finerman’s firm owns (IBM); Finerman’s firm owns (ORCL); Finerman’s firm owns (HPQ); Finerman’s firm owns (JPM); Finerman’s firm owns (BAC); Finerman’s firm owns (BBY); Finerman’s firm owns (GLW); Seymour owns (AAPL); Seymour owns (MSFT); Terranova Owns (APA), (AAPL), (ARUN), (BMO), (C), (DO), (EOG), (FCX), (FTO), (XBI), (GS), (HES), (IBM), (JOYG), (NBR), (NOV), (OXY), (ORCL), (PEP), (POT), (RSH), (GLD), (SLB), (SWN), (SU), (SPLS), (RIG), (UPL); Jon Najarian owns (AAPL) call spreads; Jon Najarian owns (ARST) calls; Jon Najarian owns (CSCO) call spreads; Jon Najarian owns (RHT) call spreads

For Joe Terranova
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners own more than 1% of (ABAX)
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For Brian Kelly
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Accounts managed by Kanundrum Capital are short (OIH)
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Accounts managed by Kanundrum Capital are short (BA)

For Tim Seymour
Seygem Asset Management owns (MSFT)
Seygem Asset Management is short (FCX)
Seygem Asset Management owns (BAC)
Seygem Asset Management owns (INTC)

For Patty Edwards
Edwards owns (PM) for clients
Edwards owns (KFT) for clients
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For Lou Kerner
Wedbush Securities makes a market in (YHOO)

For Heather Bellini
ISI does and seeks to do business with (MSFT) and has received non-investment banking compensation in the past 12 months.

For Richard Bernstein
***No Disclosures***

For Pete Dawkins
***No Disclosures***

For Mike Khouw
***No Disclosures***

For Peter Boockvar
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For Carter Worth
***No Disclosures***