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Pastimes : ASK Vendit Off Topic Questions

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To: Uncle Frank who wrote (473)	5/29/1999 5:31:00 PM
From: Vendit™	Read Replies (2) of 19374

Re: QCOM My first observation is that qcom has apparently suffered from the recent tech sell off during the rotation to the cyclical stocks. It is a no brainer to me and I'm sure you that the cash will flow back into tech and Internet stocks as the earnings season approaches. The affect will be good for qcom I'm sure. Looking at the indicators, William's R, Stochastics and RSI have indicated that qcom is very much in a bottom trading range. RSI and Money flow are in what I call a soft bottom range. By this I mean they are about as low on the range as they ever get when a qcom bottom is reached although the two indicators are not in their text book ranges. Stochastics show a semi weak buy signal that happen this past Friday: askresearch.com In the above chart the signal can be seen as the black line is now striking the green line from below headed up. The weakness I refer to can be seen if you compare the same action that occurred on April 19th. Then the angle and steep angle of the black line was very aggressive looking as compared to what you see in Friday's action. I attribute this to the general low volume and normal market sell off that happens before a 3 day week end. This same action is seen in my favorite bottom indicator William's R%. When it is rising you can bet the stock is also. askresearch.com My educated guess is that you will see strength come back into this stock on Monday. The perfect scenario would be for the stock to rise above it's over head resistance of $100 and end trading Monday above $100. This would signal a new up trend. These are the trading ranges you can expect. If qcom fails to break above $100 then the trading range will be between $91 and $100. If qcom breaks resistance then it will likely make $120 before it sees $100 again. This is a picture of the trading range: 209.67.221.61 Bottom line Frank is I think your going to $120. Once there then it will be time to reassess. IMHO Vendit

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