These are my thoughts of the possible scenario for the next couple of weeks:
The economy is slowing which should lower inflation. But oil prices are steadying and are ready to move up with production cuts and other factors. The new congress will raise the minimum wage which will also add to inflationary pressures. They may impose windfall profits taxes on oil companies and take actions that may hinder corporate profits. There is also a growing sense of euphoria in the market. The market has gone a while without a major correction and when it realizes all these things there will be some kind of a downturn.
Dell and HPQ report profits on Thursday. Expect DELL to have disappointing results but HPQ to do better. DELL will probably say they are turning things around.
What does this mean for INTC? I think Intel is pulling out and ready to move higher but will be affected by earnings by DELL and HPQ as well as the direction of the general market. So it may be going sideways or temporarily slightly downward before moving up into the mid 20�s.
Would welcome any thoughts that support this outlook or show what is wrong with it.