Traders think Intel won’t back down

Intel has been a monster, and traders think it will hold its ground.

optionMONSTER’s tracking systems show that 10,000 of the weekly 22 puts expiring on Aug. 22 were for the bid price of $0.26. Open interest stood at just 857 contracts when the session began, which indicates that new positions were initiated.

He or she expects the semiconductor giant to remain above $33 over the next 2-1/2 weeks. Under that strike, they’re on the hook to buy shares, but above it they will keep the premium as profit.

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