By Pete Najarian, co-founder of OptionMonster
NEW YORK -- Intel (INTC) options were active earlier in the week, and Thursday the bulls came back for more.
OptionMonster's 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 74 cents.
These calls lock in the price where the chipmaker's shares can be bought, so they can track movements in the stock price cheaply and leverage any rally. On Tuesday, they rolled up from the June 26s to the July 27s.Intel shares rose 2.17% to $24.99 Thursday. Almost 99,000 calls traded vs. fewer than 28,000 puts, further indication of the session's bullish sentiment. Najarian owns INTC calls.
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