Options Bulls Blast Intel Stock Before Big Event

The stock is up nearly 42% this year

Deputy Editor
Sep 19, 2023 at 12:08 PM
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Blue-chip semiconductor name Intel Corporation (NASDAQ:INTC) is holding its two-day developers event today. The company is expected to showcase hardware breakthrough, as well as advancements in software and services.

Ahead of the event, INTC made its way onto Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks that attracted the highest weekly options volume within the last two weeks. Over the last 10 days, Intel stock saw 1,874,745 calls and 876,061 puts exchanged, with the September 40 call standing out as the most popular contract.

MAO Chart September 192023

On the charts, Intel stock is faring better in the second half of the year than it did in the first half. The equity crossed above long-term resistance at its 320-day moving average in June, and that trendline saved it during the broader market's August pullback. The stock also recently hit an annual high near the $40, and though it was last seen down 1.4% at $37.46, the stock is still up nearly 42% year to date.

INTC Chart September 192023

This penchant for bullish bets is nothing new. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), INTC's 50-day call/put volume ratio of 2.85 stands in the elevated 81st percentile of annual readings.

Intel stock's Schaeffer's Volatility Index (SVI) of 31% stands in the low 6th percentile of readings from the past year. This implies an opportunity for options traders to get in on the action for cheap, as the options pits currently pricing in relatively low volatility expectations. 


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