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Option Bulls Surface on Waste Management

Waste Management is just off the lowest ends of its trading range, and now the bulls are surfacing.

OptionMonster's systems detected October put buying early yesterday, and the shares dropped. But then buyers stepped up to pay $1.45 for the October 31 calls , which traded more than 6,000 times against previous positioning of 1,385 contracts.

WM finished the session down 2.37 percent to $31.25 after making a late-day comeback that brought the stock well off its lows. The waste-management company's dividend yield is more than 4 percent, and its price-earnings ratio looks fair, just above single digits.

More than 19,000 contracts traded, and almost 12,000 of them were calls.

Click here for another opinion on Waste Management.

Najarian has no positions in WM.

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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com.

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