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Options Action: Materials

Despite concerns about slower growth, basic materials participated fully in Thursday’s rally with Monsanto and DuPont making impressive gains.

However, Mike Khouw cautions not to get all bulled up just yet.

In fact he thinks now might be a good time to hedge against a pullback in this sector.

Get all the details. Watch the video now!





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Trader disclosure: On June 30, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Terranova Owns (VRTS); Terranova Owns (IBM); Terranova Owns (FCX); Terranova Owns (CVI); Terranova Owns (F); Terranova Owns (AAPL); Terranova Owns (CAT); Terranova Owns (BX); Terranova Owns (HPQ); Terranova Owns (MA); Terranova Owns (PEP); Terranova Owns (MCD); Terranova Owns (JWN); Terranova Owns (TM); Terranova Owns (LULU); Terranova Owns (WFM); Terranova Owns (DAR); Terranova Owns (BJ); Terranova Owns (XOM); Terranova Is Short (DELL); Jon Najarian owns (AAPL) call spreads; Jon Najarian owns (AXP) call spreads; Jon Najarian owns (AKS) call spreads; Jon Najarian owns (BIDU) call spreads; Jon Najarian owns (MT) call spreads; Jon Najarian owns (BIDU) call spreads; Jon Najarian owns (HOC) call spreads; Jon Najarian owns (NSC) call spreads; Jon Najarian owns (PTEN) call spreads; Jon Najarian owns (UA) call spreads; Iuorio is long calls in (TM); Adami owns (AGU); Adami owns (C); Adami owns (GS); Adami owns (MSFT); Adami owns (NUE); Adami owns (BTU); Adami owns (INTC)

For Joe Terranova
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LHO)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of Sun Pharmaceutical Industries Ltd.
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of DOMINO'S PIZZA UK & URL PLC

For Mike Khouw
Cantor Fitzgerald is a market maker in (AKS)
Cantor Fitzgerald is a market maker in (AAPL)
Cantor Fitzgerald is a market maker in (BAC)
Cantor Fitzgerald is a market maker in (C)
Cantor Fitzgerald is a market maker in (FTO)
Cantor Fitzgerald is a market maker in (GM)
Cantor Fitzgerald is a market maker in (GS)
Cantor Fitzgerald is a market maker in (GOOG)
Cantor Fitzgerald is a market maker in (IBM)
Cantor Fitzgerald is a market maker in (JPM)
Cantor Fitzgerald is a market maker in (LNKD)
Cantor Fitzgerald is a market maker in (MRO)
Cantor Fitzgerald is a market maker in (MA)
Cantor Fitzgerald is a market maker in (MSFT)
Cantor Fitzgerald is a market maker in (MWW)
Cantor Fitzgerald is a market maker in (MS)
Cantor Fitzgerald is a market maker in (MMI)
Cantor Fitzgerald is a market maker in (NAV)
Cantor Fitzgerald is a market maker in (ORCL)
Cantor Fitzgerald is a market maker in (P)
Cantor Fitzgerald is a market maker in (PTEN)
Cantor Fitzgerald is a market maker in (POT)
Cantor Fitzgerald is a market maker in (XHB)
Cantor Fitzgerald is a market maker in (SYMC)
Cantor Fitzgerald is a market maker in (X)
Cantor Fitzgerald is a market maker in (PAY)
Cantor Fitzgerald is a market maker in (V)
Cantor Fitzgerald is a market maker in (WFC)

For David Greenberg
** No Diclosures

For Jonathan Geller
** No Diclosures

CNBC.com with wires.