Demand from Europe is definitely getting worse. Europe is going into a deep austerity-induced recession and nobody knows when they will come out of it.
As for emerging markets - China GDP growth is clearly slowing, slowing with India and Brazil.That cannot be denied. You may say that PC demand is unaffected, but that would be a tough sell.
I agree that INTC has surprised the markets on several occasions, particularly in Q4 2010 and Q1 2011, but I think expectations are high for this quarter. It's difficult to ignore the December warning, so a major beat like we had in Q1 2011 is unlikely. Revenues will probably come in the guided range ($13.4B to $14B), though EPS is a wildcard.
I think it would take something big to move the stock. Analysts are very negative on it and unless something changes, I'm not expecting much.