Qualcomm Inc (QCOM)

[dwdkc]

Mindy--good question after a terrific earnings report. I think the market largely expects upside surprises from Q, but more importantly we were overdue for some consolidation. We're well extended over the moving averages, and there is some "selling the news". Also downside overall on the Nasdaq.

Watch the $60 level. On the multiyear charts you see it was support for a long time until it was breached, then it was resistance. I think there is still alot of supply around that level. If after a consolidation we break $60 solidly on good volume, then watch out--I think $80 could be achieved quicker than anyone thinks.