Intel call buyers shake, rattle, and roll
Pete Najarian | firstname.lastname@example.org
optionMONSTER's Heat Seeker scanners detected heavy volume in the June 23 calls and the July 25s as traders once again rolled their positions to higher strikes in longer-dated contracts. This time, they sold the June 23s for $1.83 and bought the July 25s for $0.74.
These long calls lock in the price where the chip maker's shares can be bought, so they can track movements in the stock price cheaply and leverage any rally. On Tuesday, bullish call positions were rolled up from the June 26s to the July 27s. (See our Education section)
INTC rose 2.17 percent to $24.99 yesterday. Almost 99,000 calls traded versus fewer than 28,000 puts, further indication of the session's bullish sentiment.
Disclosure: I own INTC calls.
(A version of this post appeared on InsideOptions Pro yesterday.)