Intel’s Weak Upgrade Won’t Stop it’s Tumble to $19

Intel (INTC – NASDAQ)

Monday, August 19, 2013

Piper Jaffray just upgraded chip-giant Intel (INTC – NASDAQ) – sort of.

The investment bank was grading INTC as “Underweight” because of the overall decline in PC sales.

But now P.J. is decidedly “Neutral” about INTC because of the possibility of a “modest corporate refresh cycle.”

Neutral? Really?

Personally, we have always felt that if an analyst has nothing significant to say about a company, than he/she/it should just drop coverage and be done with it.

INTC 081913

Bottarelli Research Tip: Here’s what we see with INTC. The bulls are trying to call the short-term bounce off the 200-day (40-week) average adequate support for a rally. We, on the other hand, are basing a bearish call on INTC’s long-term double top and recent 3x Sell Signal Stack. The previous Sell Stack cost INTC more than 32% – and the sell off stalled – but certainly didn’t stop at the 200-day marker. Sell INTC now. (See P.J.? It’s not that hard just to say “sell.")

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