As indicated last night, I shorted the QQQQ's at $40.50 and I'm swinging 50% of my position into tomorrow. But the trade of the day was a short on QCOM which fell out of its narrow trading range (daily view) in early action (another patent battle in the wireless sector QCOM vs. BRCM). I waited to see how it consolidated at the 10:00 reversal time and shorted when it took out support at $35.49. I covered after a 1 pt. gain in mid-afternoon.
Monday, October 02, 2006
Trade of the Day - QUALCOMM, Inc. (Public, NASDAQ:QCOM)
As indicated last night, I shorted the QQQQ's at $40.50 and I'm swinging 50% of my position into tomorrow. But the trade of the day was a short on QCOM which fell out of its narrow trading range (daily view) in early action (another patent battle in the wireless sector QCOM vs. BRCM). I waited to see how it consolidated at the 10:00 reversal time and shorted when it took out support at $35.49. I covered after a 1 pt. gain in mid-afternoon.
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