After a stellar earnings report a week or two ago, I am extending my Qualcomm trend line and looking to buy the dip to the trend line around $79 per share tomorrow.
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QCOM didn't hit my buy target despite some bad news about the South Korea anti-trust suit today. I went ahead and entered in the 80-81 range. QCOM goes ex-dividend today (0.77% quarterly yield) and looks poised for a post-dividend bounce.
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So far, so good. Qualcomm gained 1.5% today and looks to be in recovery mode.
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I'd take profit here. Maybe QCOM will move higher, but IMO another leg higher isn't currently justified given the earnings outlook.
