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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.03

+1.0%

Nov 21 4:00 PM EST

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To: bobby beara who wrote (74017)	4/3/2001 4:41:13 PM
From: waverider	Read Replies (3) of 99985

QCOM broke through it's previous low today. Worse, it ended within a hair of the low for the day. I see no reason now why it will not test the next support at 39.50. If that does not hold, then next stop would be 35.50. I suspect that will not hold. My new target for QCOM is $25. We have an unfilled gap between 24.75 to 25.25 created on 6/3/99. The downtrend appears to be saying it will be filled. It will be interesting to see what happens over the next few weeks with the earnings warnings, etc. There are quite a few stocks that are holding up nicely and I suspect they will be the new leaders. Some in the energy sector like CPN, DUK, EGN. Also some health related things and some companies with land based portfolios are doing well. <H>

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