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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

+1.0%

Nov 21 4:00 PM EST

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To: fedhead who wrote (21342)	7/28/1999 9:54:00 PM
From: pater tenebrarum	Read Replies (3) of 99985

Anindo, QCOM has had an amazing run and has thus become a somewhat pricey stock; but it is in a business that's extremely hot, and this justifies the high multiple to some extent. usually the stocks that hold up best in a correction are the stocks to be in when the correction ends. however, the correction may merely be on hold for now...it may well resume. QCOM seems to have negated a small bearish flag pattern with today's advance, which i count as a positive. call open interest is highest at the 160 and 165 strikes and that may provide some resistance prior to august expiration. note that QCOM is a true highflyer which has gone from 30 to 160 year-to-date in parabolic fashion; at some point it will likely correct severely. so if you are long this stock (congratulations if you are) use trailing stops to preserve your gains. regards, hb

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