Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 165.03

+1.0%

3:59 PM EST

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To: slacker711 who wrote (41260)	9/15/1999 7:39:00 PM
From: Jenne	Read Replies (2) of 152472

SuperModels update I warned Sept. 1 that momentum darling Qualcomm (QCOM) was exhibiting signs of a dangerous blow-off, including telltale leaps of $11 in a single session. That very day, it plunged $23 on an analyst's suggestion that earnings, while potentially splendid, might not be as unbelievably splendid as in the past. Shares of the wireless chip and handset maker appeared to recover for a couple days, but a look at its horrific daily MACD (moving average convergence-divergence) chart showed the jig was up. It then proceeded to fall another $10. Now, even the three-year/weekly MACD is rolling over into the danger zone. The stock recovered sharply Tuesday after positive comments by executives to analysts, but cowards and other risk-averse fund managers might well sell into the bounce. Chart readers would expect the stock to approach its old high of $198 before collapsing again -- a bearish event known as "making a double top." Only a powerful move through that old high on strong volume would be truly bullish -- and, of course, that could happen.

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