Pete Najarian has spotted unusual options action in a big resource name, and the action has piqued his curiosity.
Specifically, the Pit Boss is watching Alpha Natural Resources , which he thinks may have more upside despite big gains earlier in the week.
As you may know, shares of this coal company surged 11% on Thursday after the company posted third-quarter profits that easily beat Wall Street estimates, but according to Najarian's interpretation of the options activity, there's more room to run.
He tells us big money scooped up 11,000 of the Dec 32 calls in Alpha Natural Resources, suggesting ANR could make a sharp move higher.
And the bet makes sense. ”Coal and steel is moving in this tape,” Najarian says.
* You can find our conversation about ANR around 3 minutes into this video clip.
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Trader disclosure: On Nov 4, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; J. Najarian is long ANR; J. Najarian is long AKS; J. Najarian is long MS; J. Najarian is long GMCR; J. Najarian is long FSLR; J. Najarian is long DB; J. Najarian is long CME; J. Najarian is long CBOE; J. Najarian is long CIGX; J. Najarian is short SKUL; Grasso owns AA ; Grasso owns AKS; Grasso owns ASTM; Grasso owns BA; Grasso owns BAC; Grasso owns D; Grasso owns KEG; Grasso owns LIT; Grasso owns MHY; Grasso owns PFE; Grasso owns S; Grasso owns XLU
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