Geez... just plain ol' short the common stock.. ticker symbol QCOM. No particular hedge on the trade itself.... but my account does hold a few longs that I am trailing at profit.. So my market exposure is kinda hedged.. but the individual trade is at fulll risk...
QCOM's chart looks like the perfect short setup. The NASDAQ, on the other hand, doesn't. That would make me nervous.
Qcom seems like good short. Good place to short would have been around 34. Good luck to you, I think you put on a good trade. Jake
I agree tha Nasdaq is strong... but I do still have some longs on the table that I am trailing at a profit.... so if I get stopped out and the nasdaq rallies 30 points tomorrow... I should stilll be ok... This also is the only short I have on at the moment.. so I dont have too much downside exposure.. relative to my entire portfolio. --MIKE
OK.. my stop is being set to breakeven on the trade.. Now much of the risk has been removed... it should be pure profits from here... or just a scratched trade. --MIKE
30.66 is the pivot point... thats where things will get interesting... either the stock will slice right through it and implode to the downside... or it will slice it.. only to chop around and rally right back to my green trendline in the chart posted before... The amateur would be tempted to take profits here... or start to scale out of the position... But my experience tells me.. I rather just place the stop at breakeven and make nothing... or ride the stock out and hopefully make a killing... I am not interested in making quick trades and quick dollars.. I manage every trade.. as if.. it I will make a homerun or just breakeven. --MIKE
Shaved off some of the position because the Nasdaq never did breakdown through its uptrend line... still have stop at breakeven to ensure a now profitable trade... Since the Nasdaq bounced off its uptrend line a test of the highs is now in play... or it just can be the mother of all fake outs.. --MIKE
Did you see the guy on CNBC yesterday talking about shorting QCOM? He was chief technical analyst for some company I'd never heard of. He basically said the same thing you did-- it's in a downtrend and didn't participate in the rally.
No.. and I really dont care what anyone has to say... its just a trade.. anything can happen... As far as I know.. I am already showing a profit thats locked in... and gonna ride it to wherever she goes.... I never watch financial news.. or listen to other opinions... its all between me and the market.. no one else.. and no other distractions.. --MIKE