This is an excerpt from an article I originally published on Seeking Alpha. Click here to read the entire piece.)
I had to blink twice and twice again.
After checking on Intel’s stock chart for the first time in a very long time, I was quite surprised by what I found. Not only has Intel (INTC) broken out to new highs for the year on a 31% streak from this year’s bottom, but also the stock has hit three-year highs! This is just about the most bullish signal I have seen yet from a single stock in the past several months.
Intel is a bellwether for the cyclically sensitive semiconductor industry. The strength in the stock suggests the market is putting recession fears behind it for now. Moreover, INTC is printing a much different and better post-recession pattern than it did after the 2001 recession. The chart below shows that INTC topped out very early post-recession. It was a bearish sign for what was to slowly but surely to come several years later. This time, INTC’s post-recession momentum continues.
Source: FreeStockCharts.com
I have covered Intel periodically in the past, and I even bought a fistful of stock in 2008 as a post-recovery play. {snip}
Be careful out there!
This is an excerpt from an article I originally published on Seeking Alpha. Click here to read the entire piece.)
Full disclosure: no positions