Options Action: EWJ

It appears little else matters to the market right now, except Japan. With the EWJ making declines daily, how should you position?

Mike Khouw of Cantor Fitzgerald suggests the following options trade. Get all the details. Watch the video now!

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Trader disclosure: On March 16, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Terranova Owns (VRTS); Terranova Owns (C); Terranova Owns (GS); Terranova Owns (PNC); Terranova Owns (USB); Terranova Owns (JPM); Terranova Owns (UPL); Terranova Owns (ABT); Terranova Owns (MS); Terranova Owns (PBR); Terranova Owns (BAX)Terranova Owns (TEVA); Terranova Owns (FCX); Terranova Owns (XOM); Terranova Owns (DIS); Terranova Owns (IBM); Terranova Owns (BTU); Terranova Owns (CNX); Terranova Owns (POT); Terranova Owns (MCD); Terranova Owns (CVE); Terranova Owns (CVI); Terranova Owns (RSX); Terranova Owns (SU); Terranova Owns (CNG); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Finerman's Firm Is Short (IWM); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (SPY); Finerman's Firm Is Short (XRT); Finerman's Firm Is Long S&P 500 Puts; Finerman's Firm Is Long Russell 2000 Puts; Finerman's Firm And Finerman Own (AAPL); Finerman's Firm Owns (BAC) Leap; Finerman Owns (BAC); Finerman's Firm And Finerman Own (CVS); Finerman Owns (GOOG); FInerman's Firm And Finerman Own (HPQ); Finemran's Firm Owns (IBM); Finerman's Firm Owns (JPM), (JPM) Leaps; Finerman Owns (JPM); Finerman's Firm And Finerman Own (MSFT)l Finerman Owns (USO); Jon Najarian Owns (AMD), Is Short (AMD) Calls; Jon Najarian Owns (BTU), Is Short (BTU) Calls; Jon Najarian Owns (CBOE), Is Short (CBOE) Calls; Jon Najarian Owns (CME), Is Short (CME) Calls; Jon Najarian Owns (NYX), Is Short (NYX) Calls; Jon Najarian Owns (MCD), Is Short (MCD) Calls; Kinahan Is Long VIX; Kinahan Is Short S&P 500; Kinahan Owns (BAC); Kinahan Owns (C); Kinahan Owns (F); Kinahan Owns (MSFT), Is Short (MSFT) Calls; Kinahan Owns (NFLX) Puts; Kinahan Is Short (SPY) Through Options Positions; Kinahan Owns (XHB) Puts; Kinahan Owns (YHOO)

For 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 (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 (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
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 (NCRI)
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 (XLF)
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 (DOM)

For Doug Kass
***No Disclosures

For Anthony Scaramucci
SkyBridge Capital Is A Fund Of Funds Manager
Funds Held May Or May Not Own The Recommended Securities

For Tom Drolett
***No Disclosures

For Donald Straszheim
***No Disclosures

For Mike Khouw
***No Disclosures On EWJ

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