Bulls Roll Higher With Intel

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Intel has enjoyed a nice run this quarter, and now the bulls are moving their positions higher and out in time.

OptionMonster's tracking programs show that traders sold the June 26 calls yesterday and bought the July 27s. Blocks of 40,000 contracts in each traded for a net cost of $0.11.

Long calls lock in the price where the stock can be purchased, allowing them to track movements in the underlying share price. Rolling them from one month to the next keeps investors positioned to profit from gains while limiting the cost.

Intel declined 1.2 percent to $24.71 yesterday. The chipmaker has moved from the low-$20s to the mid-$20s, but remains below its recent highs.

Yesterday's roll accounted for the bulk of the option paper in Intel yesterday. Calls outpaced puts by 128,000 to 19,000.

—By CNBC Contributor Pete Najarian

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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com. Najarian owns INTC calls.