Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 165.13

+1.1%

Nov 26 3:59 PM EST

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To: Cooters who wrote (70434)	4/12/2000 1:39:00 AM
From: jmanvegas	Read Replies (2) of 152472

Cooters: Agree - the cc's are critical right now. Any company mentioning anything negative (even one thing) in this environment will be taken out and shot immediately. This is the sign of negative psychology and possibly the beginnings of a bear market. We've already had a 20% correction in NAZ - it's when it doesn't come back and grinds lower or 1-2 day rallies are heavily sold into that makes the NAZ market, in particular, very, very stinky. I will say QCOM is doing better than most but if the NAZ further corrects to its 200 DMA or even tests last Tuesday's low, QCOM is also going down. Most charts look horrible and have broken down technically. Even such stalwarts like JDSU have broken charts. QCOM's chart is holding up - I sure hope there is no breakdown from the long base QCOM has been building. That would be no fun at all. I had about 10 stocks in my portfolio as of 2 weeks ago. I'm now pared down to 3 and may further reduce down to 2. It is capital preservation time. I'm looking at shorting anything tech right now (QCOM & JDSU excluded) into strong 1-3 day rallies, especially if the NAZ climbs back to the 4400-4500 level, which is now resistance. Closing above 4500 2 consecutive days with strong upside volume and I'm a NAZ believer once again. Until that happens, this is a trader's market and I wouldn't hold anything for more than 1-2 days, if at all. This is a hit & run type of trading environment we're in and that is not good. And lastly, just look at the bond market - what a rally even in 5 & 10 year notes. What is that foretelling us? The rats of Wall Street are at it again but they really didn't hide it. They just sent out their chief spokesperson, AJC of Goldman, to let everyone know what was coming down the pike. IMHO, I believe the Street had a coordinated effort behind this with a little egging on behind the scenes from the Fed. I obviously can't prove this but I just get this funny feeling that not everything is kosher with the Fed or the Street. BWDIK. Just another "dumb" retail investor. jmanvegas

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