Vitas,
>>>> DON WOLANCHUK IS BACK! NASDAQ 100 To Reach 3,200 In 2-3 Months; Copper to $1.60; Crude Oil at $33; The Year the Market Crashes! <<<<
This past weekend I mentioned that if CRUDE OIL does not start to pullback by this WEDNESDAY, the environment per my short-term technicals would be prime for a technical breakout and I mentioned 30 as a possible target. Its very hard to predict technical breakouts, so it doesnt mean that it will definitely happen right now.
In the last 10 trading days the NAZ-10 moved up 275 points, while QCOM moved up about 175 points. Thanks to OX, he advised that a 100 point move in QCOM equaled 150 point move in the NAZ-100. Assuming that is correct, then that would mean that this euphoria in the NAZ is really on the back of 1 stock, which represented about 96% of the recent up-move in the NAZ-100.
So if Wolanchuck is correct about the NAZ-100 reaching 3200, which is 300 points away, is it possible for QCOM to move up 200 more points to the 600 range. gggggggg Just kidding, but I wouldnt short QCOM right now except for intraday scalps, and yesterday would have worked nicely.
Another issue about QCOM is that on a closing basis, it was only down 10 points, but the intraday highs was 406 and the intraday low was 350. That was a 56 point range which is a 13.8% off of yesterdays highs. That is the first time that QCOM has shown that much weakness in about a year, keeping in mind that it was only intraday. So downside volitility is starting to show its ugly head. That is not to say that QCOM cant go higher, but just saying that negative volitility at higher levels than in the past, is starting.
Seeya |
