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Jon Najarian Spots Unusual Options Activity

Options trading was incredibly heavy on Thursday with roughly 28 million contracts having exchanged hands, nearly 10 million more contracts than normal, trader Jon Najarian said.

"There have been a lot of folks out there short-covering positions where they've faded some of these moves and these people are in a world of hurt obviously today, as the market just surges through a lot of resistance points to the upside," said Najarian, co-founder of optionMONSTER.com.

The options activity was fairly widespread, but Najarian said the metals was one of the big beneficiaries.

Options traders were especially interested in Freeport-McMoRan , for example. The Phoenix-based mining company's November 43 and December 46 calls got a lot of play, Najarian said. Almost all of the calls almost exclusively bought on the offer, he added.

Another metals play, Barrick Gold , saw unusual options activity. The November 49 calls were "very strong," Najarian said.

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