We wrote a story on Intel (INTC) on June 8 with a headline of " Intel is Putting Its Negative News Behind It," and concluded that, "I learned early in my career to pay attention when a stock or commodity did not go lower on bearish news -- this was a sign that the news was already discounted. This is how I view the price action on INTC today. Traders could wait a couple of days but I do not expect INTC to make a new low close for the move down. A recovery rally back towards $48 is possible within the long-term downtrend. This is just a short-term trade for nimble traders."
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Apparently Wall Street didn't get the memo about a lazy August. Let's see why volatility could make investors sweat a little bit, look at new lows and check on weakening momentum.
Looming price data and expected volatility could offer opportunities for very short-term traders, but building longer-term positions is a tougher task.
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Here's the shift in the narrative I expect over the coming days.