Bloomberg reports Intel (INTC) CEO Paul Otellini said worldwide demand is healthy and that the company isn't suffering the effects of the troubled U.S. economy.

Otellini attempted to assure investors about Intel, saying 75% of the company’s sales are outside of the U.S., and that the global business still seems strong. “There may be some patterns in the U.S. that may be concerning to some people, but we haven’t seen them at this point,” Otellini said in an interview.

Yet some remain skeptical. Merrill Lynch analyst Srini Pajjuri said demand for Intel’s chips may recede in the second half of this year as consumer shopping slows worldwide. 

The company, the world’s largest maker of computer chips, is set to report earnings for the second quarter on July 15. Analysts expect earnings of $0.25 per share on revenues of $9.319 billion.

From the Bull Pen: Intel is due for an oversold bounce. Sell-stops can be set near today’s low ($19.71).

From the Bear Cave: Bears that don’t buy the decoupling argument can consider the downside in Intel. Rallies to near $22 could be an opportunity for entry.