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Prop Desk: Burning Ciena

The Pit Boss has spotted curious options activity in Ciena . What does he make of the unusual action?

According to Najarian call activity in this stock exploded to more than 21 times average as investors became smitten with the maker of networking equipment.

He adds that most of the activity centered around the August 12.50 calls.

Najarian speculates that the unusual volume of calls traded could mean investors are betting on a sharp move higher.

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Trader disclosure: On Aug 19th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Finerman's Firm Owns (BAC) Preferred Shares, Finerman Owns (BAC) Preferred Shares And Owns (BAC); Finerman's Firm Owns (WFC) Preferred Shares And Is Short (WFC), Finerman Owns (WFC) Preferred Shares; Finerman's Firm Owns (MSFT), (TGT), (WMT), (HPQ), (SYK); Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY), (USO); Terranova Owns (AMZN), (MSFT); Terranova Is Short (AVB); Seymour Owns (AAPL), (AA), (BAC), (UNG), (POT); Seygem Asset Management Owns (YGE); Seygem Asset Management Is Short (FXI); Najarian Owns (BAC); Najarian Owns (C) Calls; Najarian Owns (CIEN) Calls; Najarian Owns (FCX), Owns (FCX) Put, Is Short (FCX) Calls’ Najarian Owns (HPQ) Calls; Najarian Owns (INTC); Najarian Owns (MS) And Is Short (MS) Call; Najarian Owns (MSFT) And Is Short (MSFT) Call; Najarian Owns (UBS) Calls’ Najarian Owns (YHOO) Call Spread; Najarian Owns (POT) Call Spread; Najarian ;wns (PALM) Calls

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Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
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