Financial earnings are expected to plunge in the fourth quarter with one time charges responsible for much of that weakness. Should you put on a bull call spread in the financial free-fall?

On CNBC’s Closing Bell Jon Najarian reveals that he’s seeing unusual options trading in two financial stocks, CIT Group and Assurant. Following are his plays.

CIT Group (CIT)

CIT Group is a financial services company that’s getting hit with the same tar that a lot of financial companies have been hit with, Najarian says. They’re currently trading at a 52-week low but I think they’re in better shape then many other firms in the sector

I recommend getting long by doing a bull call spread, he counsels. That means buy one call at a lower strike price and sell a call at a higher strike. (In other words get long CIT by way of options --  buying calls at the money and selling calls out of the money.)

Assurant (AIZ)

And in Assurant I recommend putting on a bear put spread, Najarian says. That means buy a put at a higher strike price and sell another put at a lower strike price beneath it.

I like that play because AIZ is only $6 off it’s 52-weeks high, he says. It’s an insurance stock that’s I feel has been hanging in there way too long relative to the other stocks in the sector.

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