Options Action: Trading Tech

After a terrible August, technology stocks came roaring back in the month of September, said CNBC's Melissa Lee on Thursday's "Fast Money." But will it lead the fourth quarter, as well?

Brian Stutland, founder of Stutland Equities, thinks it will. The options trader explained his strategy on how to play this space "on the cheap." His fundamental take is that tech will rise, but rather than owning the QQQQ, he recommends buying a call spread.

Buy QQQQ Nov. 48 call at $2.40
Sell QQQQ Nov. 52 call at .45 cents

Watch the video to learn more about this trade.

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Trader disclosure: On Sept. 30, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Guy Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT) and his wife works at Merck. Finerman owns (PM) and (IBM). She is short (IJR), (MDY), (SPY) and (IWM). Steve Cortes owns U.S. Treasuries and is short the euro, the British pound, Mexican peso, (XLF), (BAC), (LVS) and corn.

For Brian Kelly:
Accounts managed by Kanundrum Capital own (GLD)
Accounts managed by Kanundrum Capital own (GDXJ)
Accounts managed by Kanundrum Capital own (SLV)
Accounts managed by Kanundrum Capital own (ANDE)
Accounts managed by Kanundrum Capital own (GPRE)
Accounts managed by Kanundrum Capital own (PCL)
Accounts managed by Kanundrum Capital own (LPX)
Accounts managed by Kanundrum Capital owns U.S. Dollars
Accounts managed by Kanundrum Capital own Swiss Franc
Accounts managed by Kanundrum Capital own (TIP)
Accounts managed by Kanundrum Capital are short (XLF)
Accounts managed by Kanundrum Capital are short (BCS)
Accounts managed by Kanundrum Capital are short (HYG)
Accounts managed by Kanundrum Capital are short (SLF)
Accounts managed by Kanundrum Capital are short the Mexican Peso
Accounts managed by Kanundrum Capital are short the U.K. Pound

For Karen Finerman:
Finerman and Finerman’s Firm owns (BAC)
Finerman and Finerman’s Firm owns (BP)
Finerman and Finerman’s Firm owns (FLS)
Finerman and Finerman’s Firm owns (JPM)
Finerman and Finerman’s Firm owns (RIG)
Finerman’s firm owns S&P 500 puts
Finerman’s firm owns Russell 2000 puts

For Anthony Scaramucci:
Scaramucci and SkyBridge Capital own (AAPL)
Scaramucci and SkyBridge Capital own (BAC)
Scaramucci and SkyBridge Capital own (C)
Scaramucci and SkyBridge Capital own (GS)
Scaramucci and SkyBridge Capital own (JPM)
Scaramucci and SkyBridge Capital own the S&P 500
Scaramucci and SkyBridge Capital own the U.S. Dollar

PABLO PEREZ-FERNANDEZ
***No Disclosures***

BARRY RITHOLTZ
***No Disclosures***

DONALD STRAZSHEIM
***No Disclosures***

KENNETH STUMPHAUZER
***No Disclosures***

PETER BOOCKVAR
***No Disclosures***

BRIAN STUTLAND
***No Disclosures***

CNBC.com with wires.