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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 173.96+1.4%3:59 PM EST
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To: Jeff Vayda who wrote (101885)7/20/2001 12:03:18 PM
From: marginmike  Read Replies (2) of 152472
 
Firstly Jeff Its a ST bottom. I think the market at best will be in a trading range for a whille. I do believe we will have a very strong rally but it might take a few more days to get people a litlle more freightened. I have been strictly trading. i am curently long 1000 Sunw calls I bought 2 days ago when Sunw was at 13.88. I sold all my longs into the rally the other day, including Qcom. I still am very negative on fundimentals here, and though a rally is in the works, I do not believe there is any rush to jump in. The CRB is at record lows, The dollar is still to high, Debt levels are still astronomical. The market is still trading below original fed cut. All of this is very bad in the Mid term and long term. I am as still bearish as ever, but if we get a Good flush in the next few days I will go long for a trade. At 67 I think Qcom is at fair value about 50 times earnings. I am a buyer in th low 60's at best. I think Qcom can run to 70's here but we will still see 50's again when 3G network delays continue, and Capex falls of a cliff. The markets in Taiwan, Japan, Turkey are blood baths there will be severe capitalization shortages by carriers and equiptement makers. Everything will get pushed out. IMHO
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