Jon Najarian Sees Unusual Options Activity In The Oil & Gas ETF

On CNBC's "Fast Money Halftime Report", Jon Najarian spoke about unusually high options activity in SPDR S&P Oil & Gas Explore & Prod. (ETF) XOP. He noticed that traders bought around 16,000 contracts of the June 33 calls in the first half of the trading session on Tuesday.

Najarian added that traders also bought the strike above it, the June 34 calls and sold the June 35 calls. He explained that traders are looking for a quick move higher over the next couple of weeks. He decided to follow the trade and he is planning to hold it for two weeks.