Intel above trendline
Intel leape above its trendline earlier today, but then bounced hard off channel top and back below the trendline. However, it's now peeking above the trendline again, which bodes well for tomorrow.
Trump's announcement over the weekend that trade talks are resuming is good for Intel not only because it offers the promise of resolving the trade war, but also because Trump immediately lifted the Huawei ban. Intel has lots of exposure to Huawei, and Broadcom recently revised its guidance downward because of the ban. With the ban lifted, we shouldn't have to worry about Intel doing the same.
Unfortunately, tomorrow is a "bear" day according to the Stock Traders' Almanac-- a day when the major market indices have declined in value more than 60% of the time. So based on those historical seasonal patterns, this is a risky trade.
Trump's announcement over the weekend that trade talks are resuming is good for Intel not only because it offers the promise of resolving the trade war, but also because Trump immediately lifted the Huawei ban. Intel has lots of exposure to Huawei, and Broadcom recently revised its guidance downward because of the ban. With the ban lifted, we shouldn't have to worry about Intel doing the same.
Unfortunately, tomorrow is a "bear" day according to the Stock Traders' Almanac-- a day when the major market indices have declined in value more than 60% of the time. So based on those historical seasonal patterns, this is a risky trade.
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