Intel Traders Poured $22.2M Into Calls as Stock Bounced 6.5%

Traders sent $22.2 million of the $24.8 million in Intel options premium traded on Nov 10 into calls — a 90% bullish skew — hours before the stock opened roughly 6.5% higher near $62, according to options-flow tracker GTA Terminal.

The bet is bold, and the tape is not cooperating yet. Intel remains in a post-earnings downtrend, trading below its 20-, 50-, 100- and 200-day simple moving averages, which sat at $78.74, $96.72, $100.38 and $87.19 respectively. The gap-down from Oct 30 — a plunge from $92.07 to $65.76, or 28.6% in a single session — remains unfilled.

What did the options flow actually show?

Three trades dominated the Nov 10 session, per GTA Terminal data:

• June 16 calls: 5,002 contracts traded against open interest of just 308, worth $13.9 million — clearly new positioning.
• A second June 16 call line: 5,000 contracts versus 2,617 open interest, $3.1 million.
• Nov 13 calls: 17,114 contracts against 13,667 open interest, $1.7 million — a near-term expiry bet.

Puts attracted only $2.5 million across the session. The June size dwarfs the existing open interest, meaning buyers opened fresh positions rather than closing old ones.

The caveat: options flow shows where money went, not whether it is right. A 90% call skew can mark conviction just as easily as it marks a crowded trade near a local top.

Is a base forming — or is this a dead-cat bounce?

The chart offers partial evidence for both readings. Intel printed a 60-day low of $51.51 on Nov 5, then held a higher low at $54.56 on Nov 6 — the first constructive signal in weeks. RSI 14 sat near 29 at the Nov 10 close of $58.13, technically oversold. Volume on Nov 10 ran at 0.68x its 20-day average, meaning the rally came on thin participation.

Dark-pool activity adds an institutional footnote. Off-exchange share of trading was 48.0% on Nov 4, 40.4% on Nov 5, 39.3% on Nov 6, 37.5% on Nov 9 and 46.1% on Nov 10 — some 46.2 million shares on the final day alone. Elevated dark-pool volume near a low can signal institutional accumulation, but the data does not reveal the direction of those trades.

What levels decide the trade?

GTA Terminal lays out a concrete map:

• $62.59 — Nov 3 high, first resistance.
• $65.76 — Oct 30 gap close, major resistance.
• $60.65 — Nov 10 high, now support.
• $54.56 — Nov 6 higher low, the invalidation point.

The setup resolves quickly either way. A daily close above $62.59 with calls still leading would confirm the base and put the unfilled $65.76 gap in play, according to the analysis. Slipping back under $60.65 weakens the read, and a break of $54.56 kills it entirely.

The call buyers have staked nearly $14 million on June expiry against a stock that still trades 40% below its 50-day average. One good open is not a reversal; the market has not yet proved the call flow right. GTA Terminal notes its data is not financial advice.