Here's a psychological price pattern in the making:
We're going to see a classic "Sell on the Rumor, Buy on the News" price reversal with Intel's disappointing earnings today, profits down 38%. The disappointment was priced in anticipation, and now a relief rally will ensue. These relief rallies usually last about one week on average. Let's see if this pattern is repeated.
INtel (INTC) stock has dropped from $22 to $19 per share over the past 3 months, on just such dismal speculation. Now that it has arrived, many shorts will cover.
"Intel Net Sinks, Weak Outlook Reflects Challenges"
at The Wall Street Journal Online (Wed 10:52pm)
"Intel 1Q Profit Down 38 Percent to $1.35B"