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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 182.19+3.5%Dec 10 3:59 PM EST
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To: Teresa Lo who wrote (82723)10/8/2000 9:20:35 PM
From: waverider  Read Replies (1) of 152472
 
Teresa, I'll answer your question. I'd had a token position in QCOM since late 1996 because I was impressed with the technology and the company's management. I traded some of it for fun based on what I thought were fairly clear Bollinger Band patterns. Then in late Feburary '99 I put everything I had on the company for two reasons:

1. I had lost my posterior in the oil sector and a sincere cause of fraud in a tech stock I owned (you folks may not believe it, but I was one of the lead plaintiffs in the class action suit against the company and we have won a considerable sum...even with the lawyer fees taken out). I knew so much about QCOM I figured if it didn't pan out, I was not cut out to be an investor (if it didn't pan out I had decided to close my brokerage account within 6 months and let mutual funds do the job).

2. Despite my bashing of chart readers in the past, it was real clear to me in late Febuary '99 that something was going on with the Q chart. I bought stock and LEAPs when the stock was in the 70's with the money that remained from my previous blunders. It is clear now what was casuing the chart to show signs of accumulation...the ERICY deal.

So to make the story a bit more simple, I bought the majority of my Q position based on what the chart was doing...a break out in my opinion. It worked.

FWIW, I agree with many here...you included...that we are in a breakout pattern now as well. Interestingly enough, we are at the same stock price as we were when I bought for the same reason back in 99...forgetting the splits.

Rick
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