Remember that scene at the end of

The Edge

when the kodiak bear finally meets its maker? That same scene is being replayed in the

Intel

(INTC) - Get Intel Corporation (INTC) Report

options pits right now as the stock blows through strike after strike and now threatens to take out the short-sellers of the June 60 calls.

Those who have been betting against Intel have had a pretty free ride of late. Nobody really focuses on it on the long side. You got rid of the biggest fear: that Kurlak would come on and raise his price targets. He's now at

Tiger, where he doesn't have to play that game.

TheStreet Recommends

All you heard for weeks were whispers that the quarter was not so hot, that the price cuts were larger than expected and that the Pentium III wasn't selling well.

It was a pot of honey for the bears. It was the lure of a lifetime. Quick, get me

Anthony Hopkins

!

Every aspect of this stock has been shorted, especially the calls, which were "pumped," meaning they were expensive and particularly juicy and luscious. The June 57.5 calls didn't have a lot of volume, but the 60s -- those are the proverbial honey stash. People have been shorting them for weeks. As the stock trades closer and closer to 60, the people who are short them will have to either buy common or buy the calls back. Either one ends in more upward pressure.

The result: The kodiak morphs first into Yogi, then Pooh and ultimately a Beanie Baby. Or maybe a stuffed head on some bull's wall somewhere.

And I am not even long the darn thing!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.