MH: I didn't think we would get to the 120's that quick, but the quicker the better. Better to purge the weak holders out of this stock. That being said, we now have a gap to fill towards the upside, although we could easily test today's lows and it wouldn't surprise me to see QCOM trade below 120 for a brief moment and then snap back. The overhead resistance at 140-150 is now a formidable area for the next few months. Traders will make the money, not holders. We need to get past the April tax season, before we can make an attempt to breach that resistance. We also need convincing fundamental news as well. For LTB&H investors, over the next several months, QCOM is essentially dead money IMO. For traders, it will be fun. The play this year is in anything optical, even with the stellar performances by the optical component makers last year, this year could be equal or even better. In addition, the new AT&T wireless deal may steal some thunder from QCOM. We all know this is bulls**t, but the Street and the momo players will move their money into what they think is hot in wireless. QCOM will have its spark ignited towards the last 6 months of the year. This gorilla is going to take one long rest. It's tired, it ran a lot last year, it needs to lay down and take a hibernating snooze. Good luck to you.
jmanvegas |
