Option Skews - Relatively Heavy Call Activity on Intel Corp and Cisco Systems Inc

Here are the stocks that saw a bias toward call activity in the previous session. This filtered scan is based on the International Securities Exchange (ISE) buy-to-open data. It looks for stocks where the previous day's call volume on the ISE is at least twice as great as the put volume. It then sorts the stocks based on the call volume. Since this is buy-to-open data, this can be a good source for finding stocks where optimism is emerging. Of particular interest to me would be situations where we see call activity on stocks that are still in intermediate-term downtrends. This would be a potentially cautionary sign from the contrarian perspective.

Companies included in today's scan results: Pfizer (PFE), SPDR Gold Trust (GLD), Citigroup Inc (C), Intel Corp. (INTC), Bank of America Corp (BAC), Human Genome Sciences (HGSI), MEMC Electronic Materials Inc (WFR), Burlington Northern Santa Fe (BNI), Cisco Systems Inc (CSCO), JDS Uniphase (JDSU), Home Depot (HD), Goldcorp Incorporated (GG), Microsoft Corp (MSFT), Sears Holdings Corp (SHLD), Barrick Gold (ABX), Lowe's Companies (LOW), General Electric (GE), Black & Decker (BDK), Hecla Mining (HL), Pulte Homes (PHM), Digital River (DRIV), Boston Scientific (BSX), MetLife (MET), Costco Wholesale (COST), Hovnanian Enterprises (HOV).

I ended Monday's session noting that the Nasdaq Composite (COMP) was perched on support. With that in mind, Intel Corp and Cisco Systems Inc are the charts that stood out to me.

I would call both of these stocks old school bellwethers and both are showing a similar pattern. Shares of INTC have pulled back to support near 18 while shares of CSCO are testing support near 22.50.

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