Intel (INTC) Bullish Strategy Into Earnings

(Editors Note: We received this from John Voorheis, Keene on the Market, mid-day today before INTC’s earnings after the close today.  Enjoy).
Intel Corporation (Nasdaq: INTC, 31.97) is scheduled to report earnings after the closing bell on Tuesday.  Consensus analyst forecast $14.45 Billion of revenue with  EPS of $0.65 (last quarter’s EPS beat by nearly 6%, with the stock rallying over 9%).
Indeed, shares have been seemingly unstoppable in 2014, having rallied 22% year to date.  The stock has traded in a 52-week range of $23.03-$35.56 and has rallied on earnings announcements 3 of the past 4 quarters, but only 4 of the past 8.
The INTC Oct 32 Straddle expiring this Friday is projecting a move of about $1.70, or 5.3%.  One of the strongest headwinds facing the chip manufacturer was the imploding PC market, which has since stabilized.  Furthermore, Apple (Nasdaq: AAPL, 99.50) is rumored to be using the Intel M Core processor in its new Macbook Air Retina.
With the earnings report two days before the Apple announcement on October 16, I would only look to trade INTC to the long side.
My Trade:  Buy the INTC Oct 33-34 Call Vertical Spread for $0.25.
Delta:      Long
Gamma: Long
Theta:     Short
Vega:      Long
Breakeven: $32.25
October expiration is this Friday, October 17th