Let’s take a look at the big picture context for Intel:
Intel vs S&P 500
Look how married to the market INTC has been since mid 2008. It followed S&P down exactly and traced it back up, mirroring almost every bounce and down move. There is a high beta risk for this stock, so if you believe the S&P is going down to double bottom (666 i believe) then guess what? INTC will follow her down.
Intel vs PC Sales
Here you see PC sales have kept going and going since spring 2009, but INTC stock has turned south. So if those PC sales drop off for any reason (e.g. unemployment + recession deepens) then it will only accelerate INTC’s downtrend.