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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 677.60

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To: Johnny Canuck who wrote (48820)	11/30/2012 12:10:26 AM
From: Johnny Canuck	Read Replies (1) of 70492

09:26 am Intel: No pickup near term - Maxim: . Maxim notes the silver lining is that demand -- both consumer and enterprise -- is not deteriorating and appears to have stabilized at sub-seasonal levels. Demand visibility -- for the current quarter and 2013 -- remains poor. They are taking a conservative stance with a forecast of low single digit unit declines for PCs in 2013 with continued demand leakage to smartphones and tablets. Long run supply/demand imbalance would translate to further downside risk to their 2013 estimates -- revenues, margins and earnings. Their technical analysis sees additional downside risk to the August 2010 lows of $17.60. Near-term resistance is at 10-week MA of $21.29; Buy. Elsewhere, Intel (INTC 19.53, -0.56) slipped 2.8% after Goldman Sachs lowered its price target for the stock to $16 from $20. Meanwhile, peer Advanced Micro Devices (AMD 2.04, +0.08) settled higher by 4.1% as the company sought to sell its campus in Austin, Texas. [Johnny: Interestingly I ended up with the same approximate price target on INTC, by assuming a high single digit multiple and modeling a 5% decline in this years earnings for next year due to weaker PC sales. It is interesting to see I was not the only one thinking that. Any test of $16 should bring a quick bounce though as the prophecy is realized,]

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