QLGC chart looks the same as dozens of others right now. Long term support for the stock is just above 30, so if you want to put it in your IRA, I would wait for a better pattern to form or wait for it to break below 33 to go long.
Shorter term, it's a great stock to day trade and position trade from looking at the chart, but I have not traded the stock for months. Looks like lots of long position and day players got spanked after Big Al spoke yesterday. If you want to go long on a position trade, right now would be as good a spot as any...just have your sell stop limit set and get out if it decides to fill that gap from this morning.
CIEN will probably give you a clue on where QLGC is going to go. If you are trading QLGC short-term, watch CIEN at the same time and go with CIEN's direction.
It looks like a great stock to trade, thanks for reminding me of it!
