It gapped up on the daily right into a falling resistance line that essentially formed a triple top. You know we don't do those, so really it's not done anything bad yet.
The monthly is turning up, and it's forming close to a shooting star type candle, which is bullish. The stock is a 6-bagger from a year ago, and it is at about the same re-trace level off the all-time highs as the COMP and SOX, up from trailing by a vast margin a year ago.
Next resistance I see is 15.75-16.25. Above that around $20.
I think SSTI will be fine. It'll probably just need the rest of the market moving with it to get to the next level of resistance.
FWIW, the NDX moved up initially 152 points off the March 2003 low, on its way to a 613 point advance. If we're expecting a 300 point advance on the NDX on this run, the move up we've seen may be sufficient to form the first leg up prior to a .618 or .50 re-trace of this advance.
Zeev - QCOM has been very strong. Do you think it will be available under 60 if we get your 1940 by next Tuesday? If not, what do you think might be a good entry point in QCOM for the spring rally?
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