Advanced Micro Devices is celebrating today, organizing a global party of sorts to kickoff the launch of its new Barcelona microprocessor. The long-awaited and much-delayed quad-core processor is designed for the high-end server market, and has much of the company's hopes riding on it. However, it seems that all this partying could be premature in the broader spectrum. After beating rival Intel (INTC) to the punch with its dual-core Opteron chips, it seems that AMD is once again playing catch-up. As such, analysts worry that the company will not be able to charge a premium for the Barcelona chip, since Intel has already saturated the server market with its own quad-core offerings.

Today, AMD shares are up more than 1.5% on the release, but the stock is still bound on the upside by resistance in the 13-13.50 region. In fact, the security's intraday high of $13.05 rests just a hair above the lower level of this range of resistance. Still, this failure to rebound has not stifled optimism among options players. The stock's Schaeffer's put/call open interest ratio (SOIR) of 0.59 ranks below 70% of all those taken during the past year. What's more, some 54,371 calls reside at the 13 strike in the September and October series of options, with another 47,097 calls perched at the 14 strike for the same period. These heavy accumulations of call open interest could reinforce the technical resistance already entrenching itself just above the shares.