INTC

Readers will see that INTC has found, since late April, support at the 78.6% Fibonacci retracement level (from the October 2022 through late December 2023 rally). Yes, 78.6% and 23.6% retracements are Fibonacci sequences, but my model here does not recognize them, so I have to draw them in when they happen to matter. Here, they happen to matter. When it comes to Intel, I am from Missouri. They are going to have to show me. Yes, there is a technical reason for the stock to rebound from here, but that has already failed once (in May). Should that Fibonacci door open here, the stock can indeed go lower. There is not a strong fundamental case to put equity into this name right now, and the fact is that Nvidia, Advanced Micro Devices, Broadcom, Marvell Technology, and Taiwan Semiconductor (TSM) are all better at doing different things than is Intel, which has almost been rediced to a jack of all trades at this point.

I am long NVDA and AMD.