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Halftime: Apple Just Inked iPhone Deal with China Mobile?

Apple bulls had every reason to run on Thursday.

In fact, the Apple faithful could barely control their enthusisam after a website based in China leaked a photo of what it says is the China Mobile iPhone.

The picture added fuel to the ongoing chatter about a deal between Apple and the world’s largest wireless carrier, which has 611 million wireless subscribers.

That's a big development for investors, because China Mobile is a much larger network than China Unicom, which currently carries the iPhone.

If the deal is struck, Ticonderoga Securities thinks Apple’s stock could skyrocket north of $600.

Looking at the action in the pits, options investors appear pretty confident that there's substance behind the story.

Jon Najarian says Apple call buying surged on Thursday, particularly the 360 calls. “They’re betting on the upside, big time,” he said, “the weeklies in particular.” Najarian said that 171,000 calls changed hands by mid-day.

But it's not just Apple that wins to this news. According to Najarian China Mobile as well as Qualcom also stand to benefit.

CNBC contacted Apple and they told us, "We don't comment on rumor and speculation."

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Crude Oilmay be back near $100, but independent oil trader Dan Dicker warned Thursday that it was a “bull trap.”

“There is nothing really fundamentally driving the oil price here except for the connectivity between other markets,” he told the Fast traders. “That includes the dollar and that includes the stock market.”

He also said news that Morgan Stanley and Goldman Sachs reiterated their bullish view on oil helped drive prices back up.

But Dicker thinks the stock market will go down again, and when it does he thinks oil is going to drop sharply.

Dicker suggests buying protection if you are long oil, or if you are aggressive you can short oil.

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Trader disclosure: On July 7, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Grasso owns (AKS); Grasso owns (AMD); Grasso owns (ASTM); Grasso owns (BA); Grasso owns (BAC); Grasso owns (C); Grasso owns (D); Grasso owns (JPM); Grasso owns (LIT); Grasso owns (LPX); Grasso owns (MAR); Grasso owns (MHY); Grasso owns (NDAQ); Grasso owns (PFE); Grasso owns (PRST); Grasso owns (XHB); Grasso owns (XLB); Grasso owns (XLI); Karabell owns (AAPL); Karabell owns (HON); Karabell owns (GE); Karabell owns (GS); Karabell owns (XRT); Karabell owns (GOOG); Jon Najarian owns (AAPL) calls; Jon Najarian owns (AMKR) calls; Jon Najarian owns (BIDU) calls; Jon Najarian owns (DANG) calls; Jon Najarian owns (SINA) calls; Jon Najarian owns (UA) calls; Jon Najarian owns (WNR) calls; Patty Edwards owns (XLK); Patty Edwards owns (FXC); Patty Edwards owns (PM)

For Steve Grasso
Stuart Frankel & Co and its partners own (ABX)
Stuart Frankel & Co and its partners own (CSCO)
Stuart Frankel & Co and its partners own (CUBA)
Stuart Frankel & Co and its partners own (GERN)
Stuart Frankel & Co and its partners own (HPQ)
Stuart Frankel & Co and its partners own (HSPO)
Stuart Frankel & Co and its partners own (MU)
Stuart Frankel & Co and its partners own (MSFT)
Stuart Frankel & Co and its partners own (NYX)
Stuart Frankel & Co and its partners own (PFE)
Stuart Frankel & Co and its partners own (PRST)
Stuart Frankel & Co and its partners own (SDS)
Stuart Frankel & Co and its partners own (UAL)
Stuart Frankel & Co and its partners own(XRX)
Stuart Frankel & Co and its partners are short (QQQQ)
Stuart Frankel & Co and its partners short (AAPL)

For Zachary Karabell
River Twice Capital owns (QCOM)
River Twice Capital owns (XLF)
River Twice Capital is short SPY puts
River Twice Capital is short QQQ
River Twice Capital is short IJK

For Patty Edwards
Patty Edwards owns (QCOM) for clients
Patty Edwards owns (SBUX) for clients
Patty Edwards owns (AMZN) for clients
Patty Edwards owns (KO) for clients
Patty Edwards owns (PEP) for clients
Patty Edwards owns (LECO) for clients
Patty Edwards owns (TGT) for clients
Patty Edwards owns (JWN) for clients
Patty Edwards owns (TAL) for clients
Patty Edwards owns (TTM) for clients
Patty Edwards owns (BMO) for clients
Patty Edwards owns (BKCC) for clients
Patty Edwards owns (PM) for clients
Patty Edwards owns (AKAM) for clients
Patty Edwards owns (ORCL) for clients
Patty Edwards owns (POT) for clients
Patty Edwards owns (GLD) for clients
Patty Edwards owns (SLV) for clients
Patty Edwards owns (SYT) for clients
Patty Edwards owns (HAL) for clients
Patty Edwards owns (VLO) for clients
Patty Edwards owns (WLT) for clients

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