Overall, the Intel report looks good, but that is not surprising. The competition is not expected to make a dent for a year or two, but it’s already taking a toll. Lower margins are projected for the first quarter and fourth-quarter earnings benefited from lower-than-expected tax rate at 24%.
There was some minor selling pressure, but another late run took us off the worst levels. Breadth came in at 2,500 gainers and 3,100 decliners. The most interesting action was weakness in precious metals, oils and commodities despite a weak dollar. Bears will probably continue to have a hard time against strategically scheduled big POMOs.
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