Intel (INTC) is up 40 cents to $20.96 and options action is picking up ahead of earnings. The chipmaker is due to report today after the closing bell. 111K calls and 74K puts traded so far. The tone seems somewhat cautious and includes morning buyers of August 21 puts at 96 and 98 cents on ISE. About 11K puts were bought to open on the ISE in the first 10 minutes of trading today. That total has now risen to 17K, or 60 percent of the put volume in INTC on the ISE. Meanwhile, the top trade is an Oct – Jan 20 put spread, apparently sold at 62 cents, 3600X on CBOE. This reverse calendar is possibly a closing trade or a bearish bet ahead of the results. Finally, a sweep of 3877 Jan 22.5 calls on the $1.14 bid traded along with a sweep of 2993 Jan 20 puts on the $1.61 bid at 12:16 and looks like a strangle writer. Implied volatility is flat today at 34.5.