Earnings Deluge:
With the plethora of earnings announcements, some names may get lost in the shuffle. A name that years back would be at the forefront of investors attention has lost a bit of its luster. Is that about to change? The former name for years was called a “law firm” as it was constantly defending itself in court. Below is the chart of QCOM, and how it appeared in our 7/6 Technology Note. I like to mention good charts sometimes take time and it could be a good example here if it can hold its premarket move following its earnings announcement after the CLOSE on Wednesday. It has certainly been a laggard this year down 6% YTD as the SMH has advanced by 18%. As of this writing, the stock is above a nearly 6 month long bullish ascending triangle pivot. Of course, I always capitalize the word CLOSE and it will need to finish Thursday’s session above 145. It was above intraday on 7/14 and came within one penny on 7/23.