Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 166.81

-4.1%

Nov 17 3:59 PM EST

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To: cfoe who wrote (65788)	2/2/2000 1:43:00 AM
From: jmanvegas	Read Replies (1) of 152472

cfoent: I remember that Michigan/Princeton game. I loved Walt Frazier & Dick Barnett on the Knicks. Ah, the good old days - when a stock went up a 1/2 point and one was thrilled. Different times now. To get back to QCOM - the China news is in the stock - we've got a slight gap in the 127-130 area to be filled - we've got very stiff overhead resistance at 140 which will be tough to get through, though it will happen eventually. The 160 resistance area looms quite large - that will have to be earnings driven or some other major shoe to fall such as a NOK chip deal or AT&T capitulating which I don't foresee in order to propel us through 160. But that too will eventually happen - just a matter of patience and time. AT&T will extend out their antiquated systems until market forces overwhelm them several years out - I personally don't believe their management team headed by Armstrong is as dynamic or forward thinking as the Street would have us believe. In addition, they've committed huge resources to their cable infrastructure via mergers and upgrades to that infrastructure. They are stuck in the mud for a very long time and will lose the wireless battle as well. Too many wagons surrounding Ma Bell right now - it's starting to look like Little Bighorn. As far as Naz goes, it will be a 2-way trading affair for some time and very volatile in both directions. Even if we make new Naz highs on this run, which I don't foresee, we will violently back off again as there appears to be a lot of distribution going on in this range currently. I think the presidential campaign will become a new focus for investors as they try to read the candidates and what they perceive their proposed policies as good or bad for the economy and how it relates to the well-being of their portfolios. I think 2001 will be a tremendous year for the stock market overall with the end of this year leading up to that. In other words, I believe we've got about 9 months of consolidation, congestion, and distribution to get through in order for the markets to start the next serious upward leg which will lead the Dow to 14000-15000 and the Naz to 5000-6000 in the 2001-2002 time frame. This is now a market for those who are patient who will not toss out their core holdings of great companies/stocks when things will get rough this year. I'm still looking for the Fed to ratchet up interest rates 3-5 times this year and each time will seem to the market like the sky is falling. I wish you well and good fortune. jmanvegas

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