Portfolio Trade - Intel

On April 11th, I bought a small amount (1/5 position) of Intel (INTC) at $19.18 from a long standing Good-Till-Cancelled order.  On March 14th  I did two things, I placed a limit order at $19.18  and I sold naked puts for July expiration that would force me to buy Intel at $17.50 should the stock fall below that price.

So why Intel and why at $19.18 and $17.50? (If the $17.50 strike puts I sold for $0.40 are assigned, my cost is $17.10 - and my position size would now be a 1/2 full position)

1. Intel is out of favor relative to Advance Micro Devices (AMD).  All the negative media caught my attention.
2. I chose $19.18 because that gives Intel a dividend yield of 2.1%;  17.1, 2.3%
3. Normally, I don't like companies like Intel that shower employees in options and have huge overhangs of shares to be issued at higher prices. However at low stock valuations good trades are often profitable.  In other words, there could be value.
4.  I like to initiate a small position in a stock that I think might fall further but at a price that still represents value; $19.18 gets me started.  $19.18 implies a p/e ratio of 13 vs. trailing earnings and 18 forward). According to First Call earnings estimates, buying the stock at $17.10, gives me a p/e ratio of 13 versus 2007 estimates and 15.5 for 2006.
5. My portfolio underexposed in the technology sector and the whole sector is starting to look cheap versus normal tech valuations and versus the market as a whole.  And I don't want to gain exposure through expensive stocks.
6. I believe Intel will get its act together and come back. 

Disclosure: I own Intel and am short July 17.50 puts.  I would buy more Intel if the price drops.  I would start to look at selling out the small position in Intel I currently have if the stock went above 22.