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Technology Stocks : Intel Corporation (INTC) -- Ignore unavailable to you. Want to Upgrade?

To: rkral who wrote (178559)	7/13/2004 9:27:18 AM
From: robert b furman	Respond to of 186894

Hi rkral, Good question. I call it a double bottom refering back to the exact penny of support going back to May 3rd's low of 25.61. The price action of yesterday is an island reversal from the previous day (7/9/04). It is an unusual variation of an island reversal pattern,in that it TO is a double bottom realative to the recent repeat visit to 25.61 on both July 6th and 12th.I think the final double bottom with a week is a stronger confirmation of support to the major support bottom put in in May. The net effect of Merrill's semiconductor call will be to have reversed Intc's reversal from 7/6/04 for less than 2 trading days. It is my thought that the call was made to shake out weak holders and I'd bet good money the Mer was a net buyer of Intc over the last 5 days. Tonight the earnings and Craig Barrettt will be on CNBC @ 6:00. My bet is he wants to go out on a stock price high and retirement is not too far down the road. The man is writing his legacy - and it should be most respectful. He does have afterall a tough act to follow. Bob Next resitance 33-34. BWDIK