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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: Sawtooth who wrote (54112)	12/15/1999 9:02:00 AM
From: Ruffian	Respond to of 152472

Option Investor? QCOM $421.25 +3.69 (+29.75) QCOM is the stock market's version of bungee jumping. Will the cord snap QCOM back before it hits dirt? The answer today appeared to be "yes". However, what's really important is that we finally got that breakout over $407.50 on strong volume yesterday. Today, the trend continued as QCOM rose to another all-time trading high of $437.50 on strong volume. That's where the bungee cord comes in. No sooner did it hit the high than it fell a total of $23 in 20 minutes into negative territory. It would have been a bad technical sign to see it close below yesterday's close and today's opening. Fortunately for us, it reclaimed $7 to close up $3.69 on the day. The bungee cord worked as a result of what appeared to be strong buying volume activity in the final 7 minutes of trade. Good support is found at $414, less so at $421. As long as the rest of the market doesn't roll over too sharply, we expect the volume to continue pushing the price up in anticipation of the shareholders approving a stock reauthorization to enable the 4:1 split. The meeting is on December 20th; the split date is tentatively set for December 30th, pending shareholder approval according the QCOM's investor relations department. Target shoot at your comfort level if the market permits, but if you lack an iron stomach, you may want to consider a less volatile play.