re: Simple TA would say there is strong support where the breakout occurred, which is I think around 199 or 200.
10/05/99 is the date I'm going off of that's the day before we broke through the the last high which was 9/22/99, both of the points offer up support at 190, which happens to be about where lower trend line is if go down like I believe we will. Go back to 8/31/99, it took three days to get 157 which was the lower trend line at the time, that happen after a failed attempt on the high.
The above is the graph, a myopic view of what is happening or more correctly what has happen, in my mind. One has to see beyond the graph to understand what is happening. In early Sept. we where saved by QCOM coming to terms with having to sell the handset division, now we are dropping from the weight of the market. What will save us this time? What can QCOM pull out of it's hat? T has been taken out of the picture, China is moving slow, we could get the actual numbers on the sale of the handset division, but that could be a short term gain. The Q story can only carry so much weight, so it's Mr. Market that has us by the neck as of now. So we wait for support lines, or the market sentiment to turn, maybe we will get both at the same time.
Greg
p.s. Ibexx---> Despair. LOL |
