I think there will be a large supply of stock available in the $30 area. Intel has about $950mil of the 2005 Junior subordinated convertible debentures due 2035 at 2.95% still outstanding. Their conversion price is currently $28.90 and dropping with each dividend that exceeds 10 cents.
Hedge funds bought these for face value of $1,000 and now they can and do short or sell in the money options against the shares these bonds convert into. These bonds form a supply of 32mil shares.
I would not be surprised to see Intel to retrace to the $29.00 area and take a few weeks to get solidly over $30. $30 will be a magnet price for INTC because of the option strike.