Intel's earnings and outlook were pretty much inline, which normally would be a disappointment. However, sentiment surrounding the PC space has become so negative recently that PC stocks might actually be able to stage a relief rally.
I believe that any resulting strength in equities can be sold as I still expect a correction in the near term, although bears might have to wait until after expiration for their honey. There is a comfortable consensus that stocks can be bought in front of QEII and the elections. A little too comfortable for my tastes.