QCOM probably good for at least a short-term swing
With today's weak inflation data, treasury yields are falling, which should be at least short-term bullish for tech. Qualcomm has an additional news catalyst from yesterday's announcement that they authorized a $10 B buyback plan. Qualcomm looks to be exiting oversold territory on the daily RSI. It's just under 15 forward P/E right now, with PEG under 0.5 and dividend yield at 2.2%. We may get some positive analyst coverage over the next week as an upside catalyst. I took a gamble on October 22 calls at the 128 strike.
Nota
Big gain today. It's a little short of my target, but no need to tempt fate, so I went ahead and took profit on my calls. Very profitable trade.Nota
FYI, there's some resistance here for tech.Nota
Wow, look how neatly QCOM hit the first target here:
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