Options Action - Final Call From August 8

CNBC's Options Action's Mike Khouw said on the show that he is a buyer of Bank of America Corp (NYSE: BAC) call options.

He likes the idea of buying call options in cheap or oversold stocks. In this case, he would buy the September 16 call options for $0.15, and his trade would be profitable if the stock trades above $16.15. Bank of America gained 0.53 percent on Friday, and it closed at $15.20.

Stacy Gilbert thinks that it is a good idea to buy call options in Market Vector Russia ETF Trust (NYSEARCA: RSX). She is a buyer of the September 25.50 call options, and she would pay a premium of $0.50. The trade would be profitable if Market Vector Russia ETF trades above $26. RSX gained 2.50 percent on Friday, and it closed at $23.79.

Brian Stutland expects to see more volatility and he said that he is looking to buy options.