Popular (BPOP) loses 6 cents to $1.67 and a 10,000-contract block of Jan 3 calls trades on the Puerto Rican bank at 4 cents when the market was two to four cents. It looks like a call purchase and probably closes out a position opened on Jun 1, when 10,000 were sold at 28 cents and apparently rolling out of July 3.5 calls, which were bought-to-close at 3.5 cents. Shares are down 41 percent since that time and the strategist appears to be exiting the position entirely that time — banking a profit now rather than running the risk of seeing shares recapture recent losses in the weeks ahead.

*Scanning all single-stocks subject to 2500 contracts minimum call or put volume

Teck Resources (TCK) loses $2.54 to $37.45 and a Nov 30 – 43 bullish risk-revesal trades on the Vancouver-based metals company,1700X on ISE. Sentiment data indicate 31 cents was paid to buy calls, sell puts and open a new position. The bullish trade comes as shares slip below an Aug support low around $38 and make a run back towards the 52-week low of $37.09 set one year ago (intraday on Sep 21, 2010).

*Scanning all single-stocks subject to 2500 contracts minimum call or put volume

Allstate (ALL) loses 64 cents to $24.30 and a Jan 30 – 32 call spread is sold on the insurance company at 23 cents, 7900X and a Jan 31 – 32 call spread at 12 cents, 8200X. Looks like both spreads now traded 13000X and appears to be an adjustment to an ongoing call-writing strategy. Both spreads traded 13000X on August 29 as well. At that time, both were bought, 13000X, and open interest data indicate a roll — from the 32s down to the 30s and 31s. Today, the opposite appears to be happening. The strategist is rolling out of 30s and 31s — to the 32s. Prior to Aug 29, on Aug 26, ALL had fallen to 52-week lows on concerns about the potential impact of Hurricane Irene. However, the stock rallied 7.6 percent on Monday the 29th after the impact from the storm was less damaging than feared. Shares are down 7.5 percent since that time and once again within striking distance (~2.8%) of those intraday 52-week lows of $23.62. It appears that Jan 32 calls, which are now 31.8 percent OTM with 123 days of life remaining, are being sold-to-open.

Intel (INTC) loses 26 cents to $21.71 and options on the chipmaker are actively traded Monday morning. 34,000 puts and 11,000 calls traded in the name so far. Early trades include Oct 20 – 21 put spreads on ISE. 959 traded at 26 cents. ISEE data indicate a firm bought-to-open a new position, 5000X total. Oct 19 and Nov 17 puts on the chipmaker are seeing interest as well and implied volatility in Intel options is up 11 percent to 34.5. Bearish trading comes after a five-day 11.5 percent winning streak for Intel last week. Goldman Sachs cut ratings on AMAT and LRCX today, saying the recent run higher presents a significant downside risk for chip stocks. Today’s flow seems to reflect concerns about weakness in Intel through mid-October. Next earnings are expected around Oct 18.