Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 163.32

+2.3%

Nov 21 9:30 AM EST

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To: METMAN who wrote (36899)	7/22/1999 10:02:00 PM
From: Scott Overholser	Read Replies (2) of 152472

with all these nasdaq gloom 'n doom correction posts, i just wanted to chime in with my optimistic outlook. hope y'all don't mind. some comments apply almost equally well to other indices: s&p500, djia but i am not specifically considering them in this rant. nasdaq comp bumped up against 2700 3 or 4 times in the last 4 months. around the beginning of july (a mere 3 weeks ago) the average moved strongly above 2700. there has been little to no pullback since then - yeah sure there have been a couple of flat or slightly down days but nothing significant. in my ta experience, a stock or average rarely takes out an old high without returning to the scene of the crime. it plays itself out so many times you can find numerous examples just by scanning charts of the major averages over the last 6 months. there are good psychological reasons for this but that's not what i'm trying to discuss. the nasdaq has broken out of a good long healthy base on strong volume into new record territory and is simply making a (relatively) low volume pullback. once the market is satisfied that this new ground is firm we'll move onward and upward in coming weeks until the rally sputters itself out. yup - you can find exceptions in individual stocks. that's why averages are important. the young bucks like qualcomm started the rally first - even before the nasdaq made it's convincing move on june 30 on exceptionally heavy volume. these stocks will likely finish their moves first. many other stocks are ready to move - microsoft is a good example. these are not done yet. look at ipo's. they are still looking fairly healthy - a sign of a positive market. it is tempting to succumb to fear and hype. be disciplined - look at the facts and the charts. be concious of how the market trades and what constitutes normal behavior and abnormal behavior. for me a nasdaq drop below 2600 will signal a failed breakout. then and only then will i regurgitate the securities held in my account. and remember, failure to pull back would constitute abnormal behavior and would be cause for alarm. i say nasdaq has 3000 in it before the fed meets again. sure is a nice day

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