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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 171.02-1.5%Dec 31 3:59 PM EST
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To: Craig Schilling who started this subject3/19/2002 5:24:03 PM
From: Robin Plunder  Read Replies (2) of 152472
 
Marginmike, just wondering what you think of the charts for the major tech stocks at this time...JDSU shows a clear head and shoulders, with a broken neckline, and a retrace near the neckline, followed by renewed decline. In looking at many of the other techs, they seem to have a similar pattern, including qcom (neckine about 47, measured decline to 32, then reaction to a point below the neckline). If this interpretation is correct, it is really bearish. One might think of the nasdaq chart as a summation of many individual head and shoulders, double tops (BRCM), rounding tops (EMLX) to yield a rounded top on the naz with the current rally being a reaction to the decline from the broken necklines.

Edwards and Magee state that at the peak of the retrace from the broken neckline decline, it is a good point to short.

Do you see this as a good time to short some of the major techs?

Robin
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