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Options Action: BMC Software

In trading Wednesday, technology was one of the best performing sectors and one stock saw a pop, as well as some unusual activity in the options market.

BMC Software had roughly 11 times its average daily put volume changing hands, according to Michael Khouw of Cantor Fitzgerald. He explained what some options traders are doing with this name.

***MIKE'S BMC TRADE***
Selling the Feb. 45 puts at $2.10

To learn more about this trade, watch the video!

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Trader disclosure: On December 1, 2010, following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Pete Najarian owns (WFT) call spread. Pete Najarian owns (MEE) call spread. Pete Najarian owns (F) bonds. Pete Najarian owns (GDXJ) call spreads. Pete Najarian owns (GRS) calls. Pete Najarian owns (TCK) call spread. Pete Najarian owns (C), (PFE), (CNI) and (DOW). Karen Finerman owns (AAPL) and (BAC). Joe Terranova Owns (FCX), (UPL), (C), (PEP), (VRTS), (OXY), (AXP), (GS), (POT), (AAPL), (NKE) and (OIH). Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC) and (MSFT). Stephen Weiss owns (VZ), (MEE), (UPS), (JWN), (QCOM), (TBT), (COP) and (DVN). Steve Cortes is short (UNP). Steve Cortes owns (GS), (MS), (BAC) and (CME). Steve Cortes is short German DAX. Steve Cortes is long U.S. Dollar vs. Mexican Peso, Euro, Australian Dollar Steve Cortes is long U.S. 2-year treasury notes.

KAREN FINERMAN
Finerman’s firm owns (BKS)
Finerman & Finerman’s Firm owns (JPM)
Finerman & Finerman’s Firm owns (MSFT)
Finerman’s firm is short (IJR)
Finerman’s firm is short (MDY)
Finerman’s firm is short (SPY)
Finerman’s firm is short (IWM)
Finerman’s firm owns S&P 500 and Russell 2000 puts

JOE TERRANOVA
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (ALK)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EPR)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LPHI)
Virtus Investment Partners Owns More Than 1% Of (MGRC)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of (CLB)
Virtus Investment Partners Owns More Than 1% Of (DRYS)

GUY ADAMI
Adami’s wife works at Merck

MIKE KHOUw
Cantor Fitzgerald makes a market in (AAPL)
Cantor Fitzgerald makes a market in (ALTR)
Cantor Fitzgerald makes a market in (ANR)
Cantor Fitzgerald makes a market in (ARMH)
Cantor Fitzgerald makes a market in (BAC)
Cantor Fitzgerald makes a market in (C)
Cantor Fitzgerald makes a market in (CSCO)
Cantor Fitzgerald makes a market in (DDAIF)
Cantor Fitzgerald makes a market in (F)
Cantor Fitzgerald makes a market in (FCX)
Cantor Fitzgerald makes a market in (FDX)
Cantor Fitzgerald makes a market in (GM)
Cantor Fitzgerald makes a market in (JPM)
Cantor Fitzgerald makes a market in (LLTC)
Cantor Fitzgerald makes a market in (MEE)
Cantor Fitzgerald makes a market in (MOT)
Cantor Fitzgerald makes a market in (MSFT)
Cantor Fitzgerald makes a market in (NVDA)
Cantor Fitzgerald makes a market in (QCOM)
Cantor Fitzgerald makes a market in (RIMM)
Cantor Fitzgerald makes a market in (TSN)
Cantor Fitzgerald makes a market in (TXN)
Cantor Fitzgerald makes a market in (UPS)
Cantor Fitzgerald makes a market in (VZ)

DENNIS GARTMAN
Funds managed by Gartman own (MSC),
Funds managed by Gartman own (RJA)
Funds managed by Gartman own (BPT)
Funds managed by Gartman are short (DB)
Funds managed by Gartman are short the S&P 500
Funds managed by Gartman are short the Euro
Funds managed by Gartman are short the Japanese Yen
Funds managed by Gartman own Gold

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 (JPM)
Accounts Managed By Kanundrum Capital Own (C)
Accounts Managed By Kanundrum Capital Own (WFC)
Accounts Managed By Kanundrum Capital Own (RDC)
Accounts Managed By Kanundrum Capital Own (ARMH)
Accounts Managed By Kanundrum Capital Own (AAPL)
Accounts Managed By Kanundrum Capital Own (FCX)
Accounts Managed By Kanundrum Capital Own (QCOM)

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