QCOM...the next to fall

Discussion in 'Trading' started by trade4me, Jul 23, 2002.

  1. trade4me


    I just shorted QCOM at $29 today. Stock looks to have tested its 50 day ema and has formed a bearish candlestick pattern. With this bear market in full force, I can see this stock playing a little catch up and tanking to the low twenties....soon. The catalyst? Earnings due out Wednesday (tomorrow) after the bell. Any comments?
  2. in the context of a swing trade for several weeks, it isn't bad. But you could have waited until after earnings and we are overdue for a short squeeze of large proportions.
  3. sell it, the jacobs family and friends have cashed in like the rest of the tech gizzioniariasses... they dont give a crap what happens now
  4. Does anyone remember LHSP? In retrospect, it was a very telling episode. I'm sure the big, smart money was short the NAZ on that clue.
  5. trade4me


    IF QCOM can close below nicely below its opening price of 26.77, it will create what I think is one of the most bearish candlestick reversal pattern called kicking. Whenever I see this 2 candlestick formation, I usually see the stock drop substantially from those levels. Just my opinion however. Stock is acting unusually weak and could possibly foretell a weak earnings report tonite?
  6. Babak


    nice trade!
  7. I second that...very good trade...
  8. trade4me


    QCOM closed nicely below its open creating somewhat of a kicking pattern but its up to 27+ in the after hours. The stock seems to be held down by its 50 day ema and has been going sideways while the ma catches up. I'll probably short more tomorrow. My stop will be 32, with a target of the teens.

    Another stock I like short is GCI. This company seems to be ready to break down out of its phase 3 pattern and kick it into its phase 4 bear trend. It shot up a lot today, but I believe 72 - 74 will be problems for the stock. I may enter some tomorrow but I would much rather see the stock oversold before jumping in. I think this stock eventually goes in the 40's minimum.
  9. trade4me


    QCOM gapped up this am and sold off immediately. Although up 1 point, it couldn't even mount again to overcome its nearly 4 point decline yesterday. The stock is telling us that even yesterday's supposedly stellar earnings report can't rally the troops. If a stock can't stem a rally on good news, its telling us lower prices are ahead. Just my take on this stock.
    Any opinions greatly appreciated.
  10. JORGE


    Not an expert on charts or anything like that but the easiest trade in this market is shorting stocks wich breakdown on good news first thing in the morning. Just look at the action on the semi-equipment names this morning Goldman served up a perfect pitch this morning with an upgrade, as soon as they broke their opening prints they have been in a steady decline all morning. CCMP made a similar move yesterday dropping 5 from its open after posting better than expected numbers.
    #10     Jul 26, 2002