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Fast & Furious Trades... & Options Action With Jon Najarian

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OPTIONS ACTION: THE BEST ENERGY TRADE

With refiners and integrated oil companies hurting, are service stocks still the way to play $135 crude? Find out what the options action suggests!

I saw unusual options action in Schlumbergerand BJ Services, reveals OptionMonster Jon Najarian. The call buying suggests to me both are going higher. I can’t think of a reason why you wouldn’t want to be in on these. There could be a lot of upside here.



Following are the “Fast & Furious” trades. Yes, now we bring you even more Fast ways to trade tomorrow's market moving events.




STAGFLATION? The Philly Fed's Business Outlook Survey which measures manufacturing purchases and the Conference Board's index of Leading Indicators will shed light on if, in fact, the economy is in "Stagflation" mode.

If we learn that we’re in an environment of stagflation, then alternative investments such as natural resources and commodities will get more attractive, says Joe Terranova.

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JOB MARKET: The Department of Labor releases its weekly tally of people who have filed for unemployment benefits.

I hope the number is strong otherwise we could have an ugly day, says Guy Adami.


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SHORT CIRCUIT: Best Buy's miss doesn’t bode well for Circuit Citywhich releases earnings before the bell Thursday.

I don’t think Circuit City is the worst company on earth but it’s not the best either, says Jeff Macke.

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ICAHN FIGHT: Bloodied from the Yahoo battle, will Carl go to battle again at Thursday’s Biogen annual meeting?

I think Icahn will take a shot, says Pete Najarian.

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NATURAL GAS SURGE? Will Nat Gas add to its 77% gain so far this year when inventories are released Thursday at 10:30?

I expect to see a bullish number, says Joe Terraniva.

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SMUCKERS: The jelly, jam, and peanut butter maker was able to pass off higher commodity costs to consumers last quarter; what will Smuckers say when they release earnings out before the bell Thursday?

It’s all about the input costs, explains Guy Adami.

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Trader disclosure: On June 18, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (INTC), (MSFT), (WMT); Pete Najarian Owns (AAPL), (BHI), (ENER), (MS), (TSO), (XLF), (XTO), (CHK), (HPQ), (MYGN); Pete Najarian Owns (RF) Puts; Adami Owns (AGU), (BTU), (C), (NUE), (GS), (INTC), (MSFT); Terranova Owns (XLF), (YHOO), (LUV), (FXC); Terranova Is Long Dec 2008 Crude Oil; Terranova Is Short Dec 2009 Crude Oil

Terranova is chief alternatives strategist at Phoenix Investment Partners; Phoenix Investment Partners Ltd. Owns (RWX), (DBC), (DBV), (IGE), (AAI), (ALK), (AMR,) (APA), BP plc, British Airways plc, (CHK), (CVX), (COP), (CAL), (DAL), ENI SPA, (XOM), Gazprom, (HA), (HES), (HOC), (HSE), (JBLU), Lukoil, (MRO), (MUR), (OXY), Petrobras Intl Fin, Petro-Canada, (PBR), Petroleos De Venezuela, (QAN), (RJET), Royal Dutch Shell plc A Shares, (SKYW), (LUV,) (SU), (TSO), Texaco Capital, Total SA, (UAUA), (LCC), (VLO)

Jon Najarian Owns (SLB) Calls, (BJS) Calls, (JPM) Calls; Jon Najarian Owns (FITB) Puts, (PNC) Puts, (RF) Puts, (CIT) Puts