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: Webster who wrote (50218)	11/15/1999 8:51:00 PM
From: Jenne	Read Replies (1) of 152472

Qualcomm Isn't the Measure of the Market -- Yet By James J. Cramer 11/15/99 5:46 PM ET Is Qualcomm (QCOM:Nasdaq) the true measure of this market? Both Jeff Berkowitz, my partner, and I were staring at each other during the Qualcomm reversal, wondering whether this stock had become such a bellwether that its reversal could send a whole bunch of stocks down. I don't think Qualcomm is such an important name yet that it could bring down the market as Intel (INTC:Nasdaq) and Microsoft (MSFT:Nasdaq) could have at one time, or GM (GM:NYSE) and IBM (IBM:NYSE) in another era. But there is no denying that the stocks that are important to this market sure aren't General Motors and IBM. When Qualcomm traded down, almost immediately I saw a pronounced decline in a bunch of highfliers. That move, plus a decline in DRAM pricing over the weekend, spelled red ink for many stocks that had been phenomenal. To me, today was a day of consolidation for the winners and a day of continuing recovery for those stocks that have been stalled, if you can call that AOL (AOL:NYSE) move from 135 to 145 marking time! And it was a day of continued bullishness, as interpreted by stocks moving up on good news, such as Global Crossing (GBLX:Nasdaq) (China deal) and Ameritrade (AMTD:Nasdaq) (brokerage push.) It's when stocks don't move on good news that I get worried. There was nothing worrisome today. Which is why we chose to ignore the Qualcomm reversal. For now.

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