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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.92

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Nov 7 4:00 PM EST

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To: sam_o who wrote (54245)	6/15/2000 3:51:00 PM
From: HairBall	Read Replies (1) of 99985

sam_o: Welcome to MDD. QCOM is going down simple put, because it got way ahead of itself. No big secret...<g> A good place to follow individual stocks is the stock threads. Of course, one of the problems with many of the stock threads is they are populated with what I call "stock groupies". Their judgement is often very biased to the upside. Nothing wrong with latching on to a good stock and hanging on for the long-term, but don't get so caught up in the buy and hold mantra that you forget to take profits at obvious tops for the stock. Then buy back after the stock retraces its recent rise. QCOM has had more than its share of "gurus", most of who were only correct while the price kept moving up. However, as predicted by me on the primary QCOM thread, the major "gurus" angles and all missed the top and have continued to parrot the stock all the way down from 200. As I have stated in several post months ago, I expect the price to eventually drop below the 11/2-3/99 gap up. For now the upper boundery of that gap has continued to hold with today being test number two. QCOM has filled its down gaps so far. So, it may be possible to get short as the price works its way back up to fill this latest gap down today. However, I would not be surprised if this gap down does not get filled, at least completely. I have posted several charts in the past with all the support and resistance horizontal price action areas and trend lines...I will try to put another up this weekend, but I may be out of town and away from my computers. My daily and 60-min intraday charts are both in oversold territory...I would expect a bounce in here from QCOM. Richard Ney use to appear almost on a daily basis on LA's KWHY business channel in the eighties. KWHY would double as a Spanish language channel an hour or so after the market's closed...<g> I loved that channel. Richard Ney retired last year. Regards, LG

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