The question on Qualcomm is do I think it’s bottomed. I see nothing in the chart that leads me to believe QCOM has bottomed. But I guess it all depends on your time frame. In the short term it’s promising that the stock was finally able to close above its 10-day moving average. It’s down a lot in a short period of time and could easily get a sizeable bounce from here. If it does get that bounce I’d expect the top of the channel and/or the 50-day moving average to be resistance.
If you’ve read this site for more than a few weeks you know it’s almost impossible for me to be bullish on any stock that below both its 50 and 200-day moving averages. I’d be looking to short rallies as long as it’s under those moving averages.
