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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 165.13+1.1%3:59 PM EST
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To: Boplicity who wrote (45023)10/16/1999 3:21:00 AM
From: Don Edgerton  Read Replies (1) of 152472
 
Recent market decline does not appear to be driven by small investor. Most are holding fast with a few panic sellers who are heavily on margin. One of my fellow reps contrary indicator clients liquidated his whole portfolio today. Last time he did it was the last day of the summer mini correction. He ended up buying most everything back the next day at higher prices.

In my office, there has been very little retail selling. Problem is lack of new buying. I counsel holding on to quality and adding some of the correcting quality stocks like Q and TYC, or JDSU where good growth is visible and should endure even with an uptick in rates.

Didn't watch for the whole day, but CNBS did not seem to point out that the rise in the PPI was bogus. Remember the May PPI scare - then little or no rise in June July and August.

Of course cigarette taxes will keep rising as long as the government and lawyers continue to extort money from the cigarette companies - and as usual, the one getting screwed is the consumer - Like the other posting, I am not a smoker or a car buyer so my inflation rate is zero. (Though I was kinda programming purchase of a Boxter S with my next 50K or so in Q profits. $230 by January would put me there).



Incidentally if you look at the Q chart and draw a line along the lowns on the uptrend, it has held with the exception of the panic last month which had a brief penetration.

Incidentally, FTU reiterated strong buy on Q today.
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