主题：03/05/2009 Market View -- 宁子
家园 03/05/2009 Market View SUMMARY:
- Wednesday one-day wonder as Thursday plows new low ground.
- China pulls a Geithner, makes a speech but no mention of a new stimulus plan.
- Same store sales bad, but for second month, not as bad as expected.
- Fear is ruling the market right now, but that is not enough yet.
- Looking for good bottoms can be fun, but not when looking for a market bottom.
Sellers slap down impudent buyers as NASDAQ undercuts the November closing low and looks at the intraday low.
The Wednesday move was lacking as pointed out last night, but there were possibilities such as showing a follow through and then having some leadership build bases to set up a further break higher. That pipe dream was stamped out quickly Thursday as the market gapped lower and sold off hard all day. Dreams shattered, hearts broken. Just another day in one of the greatest market implosions of all time.
The economic news was not that bad. Productivity hardly supported its name, falling 0.4% versus a 3.2% showing in January as unit labor costs shot 5.7% higher (1.8% in January). On the other hand jobless claims improved to 639K from 670K while continuing claims held basically steady at 5.106M. For the second consecutive month same store sales were down but not nearly as bad as expected. The ECB and BOE (European Central Bank, Bank of England) cut rates by 50BP to 1.5% and 0.5% respectively (sending the dollar surging to 1.2454 before closing at 1.2559).
That was not enough to overcome the downers, however. Wednesday China helped spark a rally when one of its ministers indicated a new and additional stimulus package would be announced today. When the time came and the person that was to announce the plan spoke he talked of how the current stimulus plan was working beautifully. Never mentioned a new plan or additions to the current one. Many quickly searched the backgrounds of both the Chinese spokesperson and our Treasury secretary Geithner to see if they were related. China pulled a Geithner, and all markets tumbled. Was China gaming us all to see (or show everyone) how much economic muscle it has now? Hint of a new stimulus plan, see what kind of excitement you can gin up, then act as if nothing of the sort was planned and see how they fall. A new form of financial torture: the Chinese stimulus torture.
On top of China's stimulus eggshell game, comments about GE's ability to survive as a viable entity rattled investors. GE has been in a death spiral since September, shaving off as much value in six months as it did in 13 months before this last dive. The three 'W's' are uttered every day by its shareholders: what would Welch do? Too late for that. GE is being treated as if it is liquidation value as well similar to some of the bank stocks. And how can we forget LIBOR. It ticked higher again.
Fear of a major, even beyond the current, economic meltdown is grinding solid companies into the dust. Fear accelerated rapidly since the start of the year and the crescendo since February is astonishing. Fear of what the Administration will do to our system of government and capitalism as it uses the crisis to gain the advantage. Fear that the Administration could not solve the problems even if it tried. Fear of massive unemployment. Fear of stocks going to zero. Fear of a real depression, something the author of a recent WSJ article now puts at greater than 30% versus the 25% cited in the original article (based on historical factors to generate the percentage). Lots of fear, but even that is not ginning up a bottom in the stock market at this point.
TECHNICAL. Intraday the action started lower with a gap and continued lower all session. A couple of bumps to the upside only provided targets for the sellers to shoot down. They did. The indices managed a very late bounce that took them off the session lows and likely prevented NASDAQ from fully testing its November low.
INTERNALS. Bad breadth though not as horrible as we have seen in the past. -5+:1 on NASDAQ and -8.6:1 on NYSE is not chopped liver; or maybe it is. Rather smelly. New lows started getting traction, but they basically matched the Monday levels as SP500, SP600 and DJ30 plowed new low ground. For now that remains a positive, but the market has to hold up at some point or the dam breaks again. Volume was mixed, higher on SP500 as the big names in finance and industry were hammered lower again. NASDAQ hit a new bear market closing low and volume was still high but it was not higher. Not clear distribution, but no doubt the high volume selling is far outstripping any high volume buying right now.
CHARTS. As noted, NASDAQ broke to a new bear market closing low, closing within three points of the intraday low. SP500, SP600, DJ30 plowed new low ground. SOX was positive part of the day and is holding over the February low. Resilience in the chips is a positive as the financials and big old companies are stripped of their mantles. NASDAQ 100 has dropped the December low but is still well over the November low. Looking for the large cap techs to test and maybe then there is a hold.
LEADERSHIP. Retail is trying to establish itself as some kind of leader. Stocks such as AMZN, TJX, FDO are showing strength but it is not across the board in their sectors. Something to watch, however. Some metals such as copper stocks are trying step it up, but other such as steel are not. Gold is coming back. Chips refuse to give up and may ultimately be the market's salvation when this selling ends. Right now, however, there is no cohesive leadership and if you are looking for an entire sector to move higher you are going to have to wait. Of course the financials have to get back in action at some point and they are not without the credit issues getting fixed.
家园 请继续贴下去，我们在看 家园 每天都来看评论 非常感谢宁子日复一日的劳动。
China pulls a Geithner这句怎么理解？- 复 每天都来看评论
家园 我的理解。。。 结合上下文，就是中国先放出风说有新计划，把人们搞的很兴奋，结果温相讲的并没有新内容，让人很失望。这个效果跟美国财长该死那（Geithner）光说不练有异曲同工之处。
- 复 我的理解。。。
家园 还是源于美国人对中国认识肤浅 中国是强势政府，相对美国来说，最高层说得少做得多。这次温总把目标大声喊出来，即便几天内没有大计划出台，政府09年度内施政都会把这个8%放到一等重要的位子，这是涉及胡温声誉的大事，温总说了，那就是consider done，谁怀疑谁是不了解中国。
不象美国，花钱要议会批准，总统想出点什么新举动，还要把意见传给议会由那边随意添减讨价还价弄出议案来。从总统的豪言壮语到最后实际行动，中间要联乘若干个“耗损率”，输入100进去，不见得有30出来。
这就是以美国的习惯来看中国的决策过程。不过随着两国地位的相对增减，美国人会很快学会如何正确领会领导讲话精神的。
家园 没错，作者以前好多关于中国的论述都是不着调的 这次呢，美国人主要是生气在国内周三放出风来，说中国要扩大这个刺激计划，而温相宣布的刺激计划在内容上跟以前说的差不多，没有加钱。美股（特别是原材料股）周三上涨很大程度是对这个新计划的期望。现在这个期望落空了。
- 复 我的理解。。。
家园 谢谢！ 我看见带着个Geithner，感觉就没好事@_@
家园 老兄每天的Market Review请问是原创吗 家园 THE ECONOMY Same Store Sales down again but better again.
WMT beat expectations with a 5.1% sales jump versus the 2.4% projected. That was heralded as positive news. It is for WMT. It is a recession stock that sees its earnings rise when Americans are worried about their futures, jobs, and lack money. What is good for WMT is not good for the country in that respect.
FDO, a mega discounter crushed expectations. BJ (wholesale club) beat as well. BIG beat. The pattern is the discounters for the most part performing much better than other retailers because Americans are forced to buy down with respect to what they bring home.
While the discounters did better with actual positive monthly results, other retailers once more did better than expected. Last month we reported amid the SSS gloom that many retailers beat expectations. Same thing this month. AEO was down 7% but expectations were -13.4%. TJX sales were flat versus the -1.8% expected. Target reported -4.1% versus -4.8%. KSS -1.6% versus -4.4%. Sales not great, but significantly better than expected.
Is the retail market turning? No, but this is another data set that we stick into the sack with the improving manufacturing numbers. Jobs will stink long after the economy turns so watching those is counterproductive. Consumer confidence means nothing at this point because consumers start spending long before they admit they feel better. Keep focused on those areas that actually have leading sight. We are and while they are still crappy they are also slowing the decline and are better than all of the negative expectations. Expectations remain negative until long after they are proved grossly wrong.
All Indicators Take a Back Seat to Credit.
These are nascent improvements at best. A slowing of the decline. They can easily be toppled if the credit and financial markets are not fixed. The economy will struggle if funds cannot get moved to where they are needed. It will struggle if the assault on our system continues with promised tax increases on capital and individual wealth (as if the stock market crash was not enough) as soon as October continue. Individuals, companies, and entrepreneurs will not invest new money if they know it is going to be taxed at higher rates. It won't take long for that to happen.
There may be an initial surge of spending to move money around ahead of the tax hikes, i.e. to get it out of harm's way, but once it is moved it stays locked up in tax shelters until rates fall. History has shown this to be the case over and over. We go through cycles of unleashing our economic potential by slashing tax rates and providing incentives to invest in America. Then we forget who brought us to the dance, spend all the money, and raise taxes to try and get more to fill the coffers back up. Tax revenues decline over time as tax rates rise. The 1970's was one big movement of money to tax shelters as the programs from the late 1960's were implemented and taxes were raised to pay for them. That money was effectively removed from the economy. It was invisible, just sitting. Then when Regan slashed rates, the money suddenly had a chance of returning vastly more if invested. So it was. The economy boomed as did our technological advance. Same thing happened in the early 1960's. Indeed it was President Kennedy, not that pathetic shadow of John Kennedy today in the Senate, that said it was one of the paradoxes of economics that in order to increase tax revenues you had to cut tax rates.
We heard one tally of the planned spending adopted or put forth the past 6 weeks totaling $20T. There is no earthly way we can pay that. Never. We can raise taxes to 100% and not generate the money. Of course if you raise taxes you reduce your take as you raise them. At 100% you get zero taxes after the initial hike. Indeed, you get massive reductions in tax revenues at well below that level. Not many realize that the government is into their back pocket for 50% of their gross right now. We will never pay for this and that is also having a very negative impact on our financial system. The credit markets are not conducive to money flowing easily and the fiscal and social policies are an added layer of concrete on investment capital right now as those that do the investing in America and create the businesses and jobs sit and wait to see what the Administration really does. Most people don't want to follow the European model of social democracies and healthcare that is far below ours. After all, 233 years ago we broke away from Europe to start our own system, a system that has produced the highest standard of living, the greatest economic power, the greatest military power, and the most generous people the world has ever seen.
家园 THE MARKET MARKET SENTIMENT
VIX: 50.17; +2.61
VXN: 48.08; +2.42
VXO: 54.02; +6.14
Put/Call Ratio (CBOE): 1.02; +0.07. Back over 1.0 on the close but we note that the ratio has been holding below that level even during the selling of late. Very similar to the VIX that is not spiking higher as it did in October and November.
As noted earlier in the week, VIX does not have to spike higher to signal a bottom. It has done its work already and historically it spikes several months before the actual bottom. In 2002 it spiked to 56, the high, over three months before the October bottom. It has been just over four months since the first spike higher in October and just over three months from the November high that was a closing high in the run.
Bulls versus Bears:
This is a reading of the number of bullish investment advisors versus bearish advisors. The reason you look at this is that it gives you an idea of how bullish investors are. If they are too bullish then everyone is in the market and it is heading for a top: if everyone wants to be in the market then all the money is in and there is no more new cash to drive it higher. On the other side of the spectrum if there are a lot of bears then there is a lot of cash on the sideline, and as the market rallies it drags that cash in as the bears give in. That cash provides the market the fuel to move higher. If bears are low it is the same as a lot of bulls: everyone is in and the market doesn't have the cash to drive it higher.
This is a historical milestone in the making. Bulls are impressively low considering we are in general a very optimistic country. The few bulls is a positive indication because it means most everyone that is getting out is out and there is money on the sidelines. In other words the ammunition boxes are full and as the market recovers investors will start opening up the boxes and firing. Little by little they will be forced to put more money into the market and there will be some rushes higher in fear they are missing the train. You relish times when sentiment is so negative because it means some tremendous buys are setting up. This could indeed be the opportunity of a lifetime, and you take advantage of it by buying quality stocks and letting them work for you as long as they will. If we can hold them for years, great.
Bulls: 29.7%. Ticked higher last week from 28.6%. Won't likely be there next week after this selling. A lot were looking for a bottom, hence the higher reading. Still a dive, down from 31.1% the prior week and the 35.2% it recovered to on the market rebound. Well down from 43.0%, the current top of the recovery as the market rallied off the November low. A rise from 25.3% in December and quickly starting to fall once the market encountered the January selling. Bullishness bottomed on this leg lower at 21.3% in November 2008. This last leg down showed us the largest single week drop we have ever seen, falling from 33.7% to 25.3%. Hit 40.7% on the high during the rally off the July 2008 lows. 30.9% was the March low. In March the indicator did its job with the dive below 35% and the crossover with the bears. A move into the lower 40's is a decline of significance. A move to 35% is a bullish indicator. This is smashing that. For reference it bottomed in the summer 2006, the last major round of selling ahead of this 2007 top, near 36%, and 35% is considered bullish.
Bears: 44.0%, down modestly from 45.1% for the same reason as bulls were up slightly. Up from 41.1% and 36.3% before that. Hit the 34's on the lows, falling from 38.5% and 46.2% in mid-December. Still above the 35% level considered bullish for stocks, but as with bulls, still well below the level considered bearish for stocks. Bearishness hit a 5 year high at 54.4% the last week of October. The move over 50 took bearish sentiment to its highest level since 1995. Extreme negative sentiment on this move. 35% is the level that historically indicates excessive pessimism. As with the bulls the jump in bears did its job after hitting 44.7% in the third week of March. Bearishness peaked at 37.4% in September 2007. It topped the June 2006 peak (36%) on that run. That June peak eclipsed the March 2006 high (33%) and well above the 2005 highs that spawned new rallies (30% in May 2005, 29.2% in October 2005). This is a huge turn, unlike any seen in recent history.
NASDAQ
Stats: -54.15 points (-4%) to close at 1299.59
Volume: 2.307B (-1.38%)
Up Volume: 191.922M (-1.705B)
Down Volume: 2.107B (+1.692B)
A/D and Hi/Lo: Decliners led 5.39 to 1
Previous Session: Advancers led 2.38 to 1
New Highs: 2 (-1)
New Lows: 582 (+264)
NASDAQ CHART: http://investmenthouse.com/ihmedia/NASDAQ.jpeg
Broke below the week's lows as well as the November closing low (1316) as the Wednesday rally was crushed. Less than three points from the intraday low and once more we see if NASDAQ can gird its loins above the November lows or if it is going to give them up as did SP500 and let the NASDAQ 100 follow the test next. Note how NASDAQ acted the same was as SP500 at the low, i.e. a sharp bounce and immediate collapse back down.
SOX (-1.51%) was up part of the day but could not hold the move. It still closed over the January low and remains comfortably above the November lows down at 167 (closed at 197). Plenty of resilience by the chips, and we note they were leaders off the October 2002 bottom. They keep us watching, and while the near term pattern is still somewhat bearish given it broke lower in mid-February. Still, the chips are shaping up yet again.
NASDAQ 100 CHART: http://investmenthouse.com/ihmedia/NASDAQ100.jpeg
SOX CHART: http://investmenthouse.com/ihmedia/SOX.jpeg
SP500/NYSE
Stats: -30.32 points (-4.25%) to close at 682.55
NYSE Volume: 1.878B (+4.52%)
Up Volume: 120.939M (-1.151B)
Down Volume: 1.756B (+1.255B)
A/D and Hi/Lo: Decliners led 8.63 to 1
Previous Session: Advancers led 4.56 to 1
New Highs: 5 (+1)
New Lows: 786 (+672)
SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg
Gapped lower, sold to a new bear market low. It hit 678 on the low, just over the 673 1996 peak. Perhaps that will provide the footing for a bounce if NASDAQ holds its November intraday low. No doubt it remains heavily oversold but with the financials and big industrial names still under liquidation thanks to no help for the credit markets, there is no reason for it to rebound as the main issues confronting remain in place. When everyone gives up then it will bounce.
SP600 (-5.5%) dove to a new bear market low as well. The small caps did not even try to get to the 10 day EMA and are showing no signs of an economic recovery coming.
DJ30
At least GE was basically flat for the session. The Dow still fell and on rising volume as it did. Dumping/liquidating the industrial and financial stocks is the market's pass-time now though looking at the small cap indices it is not limited to just the large cap (now known as mid-cap) stocks.
Stats: -281.4 points (-4.09%) to close at 6594.44
Volume: 509M shares Thursday versus 464M shares Wednesday. Continued high volume liquidation of Dow stocks.
DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg
家园 FRIDAY Jobs report and it is so anticipated to be terrible that it may be good. As with the jobless claims where there was betting on 700K, there is betting on -700K for the non-farm payrolls as well. The 700 club?
Jobs will dominate the morning action and with this market so oversold with so much fear and gloom ratcheting back up it is a perfect setting for a rebound. The after market trading shows were as gloomy, seriously worried gloomy, as I have ever heard them. May come after a morning selloff on the jobs or it may start the day positive with a 'whew' rally if the jobs report is not in the league of the bad expectations.
There we go again, looking for a bottom. There is a lot of fear in the market, but as we have seen that is not enough. Two things are keeping it from cementing a bottom.
The first we touched on before and it is the most important big picture item: the credit market remains locked. LIBOR is still moving higher after ceasing its decline when no bank bailout was announced followed by the use of a stimulus moniker to thinly hide a social wish list agenda. It stopped falling and started rising at that point because markets realized neither would solve the problem. Fear moved back in and LIBOR has moved higher ever since. Without the credit markets getting fixed the financial markets (stock, debt or otherwise) cannot recover.
That is what makes the social engineering/stimulus bill all the more frustrating. While we have serious economic issues that can literally throw us and the world back into the 1930's, our leaders play games, overreaching in a time of crisis to get programs passed that, if the credit system implodes, will never ever get paid for or implemented anyway because there won't be any money coming from anywhere. To see it happening every day is what produces the angst of so many market watchers and economic buffs.
The second issue pertains more to the short term. Even if the economy is going to depression if the credit markets are not repaired, there will still be upside rallies. Thus this oversold condition begs a rally. Problem is, everyone is looking for a bottom. Every commentator on the financial stations is first asked 'when will we hit a bottom' or 'where is the bottom.' Until no one cares or most are too beaten up to do anything about it a bottom will remain illusive. Everyone has to look upon the straight down selling and despair. At that point you get a bottom or one heck of a bear market rally.
That means with NASDAQ still flirting with its November lows and SP500 just over the 1996 peak we likely don't get the big run upside. When the break those levels and you see the towels getting thrown in from all sides then you get the reversal.
Thus another sharp selloff in the morning on the jobs report could produce the oversold rally everyone is talking about. If NASDAQ breaks its lows that may be the towel throwing event. It would at least be reason for the shorts to cover and drive stocks back up ahead of the weekend. It has after all been a pretty ugly week of selling even with the Wednesday bounce. And breaks of key support levels often beget short covering after an initial run lower following the break. If we get a sharp downside break in the morning we will see if we can take some gain on our QID position and other downside as well.
It is Friday and in this market that is a bad day to be really active, upside or downside. It worked for us last Friday, however, to buy downside before the weekend as Monday opened, once again, in the crapper. Do we go to that well once more? If there is a sharply lower open and then a sharp short covering rebound (that means any sharp rebound) that carries in toward the close we will look for some downside plays again for the new week.
Support and Resistance
NASDAQ: Closed at 1299.59
Resistance:
1316 is the November 2008 closing low
The 10 day EMA at 1373
1387 is the 2001 low
1398 is the early December 2008 low
1428 is the mid-November 2008 low
1434 is the January low (1440.86 closing)
1460 is the February low
The 50 day EMA at 1488
1493 is the October 2008 low & late December 2008 consolidation low.
The 50 day SMA at 1501
1521 is the late 2002 peak following the bounce off the bear market low
The 90 day SMA at 1522
1536 is the late November 2008 peak
1542 is the early October 2008 low
1565 is the second low in October 2008
1569 is the late January 2009 peak
1603 is the December peak
1620 from the early 2001 low
1644 from August 2003
1666 is the January 2009 peak
Support:
1295 is the November 2008 low
S&P 500: Closed at 682.55
Resistance:
722 is a December 1996 low
The 10 day EMA at 731
741 is the November 2008 intraday low
752 is the November 2008 closing low
The 18 day EMA at 758
768 is the 2002 bear market low
800 is the March 2003 post bottom low
804 is the low on the January 2009 selloff
812 is the February low
815 is the early December 2008 low
The 50 day EMA at 817
818 is the early November 2008 low
839 is the early October 2008 low
848 is the October 2008 closing low
853 is the July 2002 low
The 90 day SMA at 856
857 is the December consolidation low
866 is the second October 2008 low
878 is the late January 2009 peak
889 is an interim 2002 peak
896 is the late November 2008 peak
899 is the early October closing low
919 is the early December peak
944 is the January 2009 high
Support:
673 is a June 1996 peak
Dow: Closed at 6594.44
Resistance:
7008 from February 1997 closing peak
The 10 day EMA at 7020
7197 is the intraday low from October 2002 bear market
The 18 day EMA at 7277
7282 is the October 2002 closing low in the prior bear market.
7449 is the November 2008 low
7524 is the March 2002 low to test the move off the October 2002 low
7694 is the February intraday low
7702 is the July 2002 low
The 50 day EMA at 7865
7867 is the early February low
7882 is the early October 2008 intraday low. Key level to watch.
7909 is the early January low
7965 is the mid-November 2008 interim intraday low.
8141 is the early December low
8175 is the October 2008 closing low. Key level to watch.
8197 was the second October 2008 low
The 90 day SMA at 8299
8419 is the late December closing low in that consolidation
8451 is the early October closing low
8521 is an interim high in March 2003 after the March 2003 low
8626 from December 2002
8829 is the late November 2008 peak
8934 is the December closing high
8985 is the closing low in the mid-2003 consolidation
9088 is the January 2009 peak
Support:
6489 from December 1996 closing peak
- 复 FRIDAY
家园 THE PLAYS Some familiar names are trying to establish some leaders for the market.
Upside: There ARE some leaders setting up . . .
Play Date: 03/05/2009
FCX (Freeport McMoran--$31.65; -0.56; optionable): copper mining
http://biz.yahoo.com/p/f/fcx.html
After Hours: $31.72
EARNINGS: 01/26/2009
STATUS: Flat base. We have a play on FCX and FCX looks ready to move higher again, making a breakout from a 4 week tight lateral range formed just below the early January recovery high off the low. Gapped out of the range Wednesday, then gapped lower Thursday but rebounded for a modest loss. Very strong action and ready to move in as it makes the next break higher.
Volume: 28.299M Avg Volume: 24.397M
BUY POINT: $31.92 Volume=28M Target=$37.95 Stop=$29.69
POSITION: FCX EF - May $30c (63 delta) &/or Stock
http://www.investmenthouse.com/ci/fcx.html
Play Date: 03/05/2009
ISIL (Intersil Holdings--$10.01; -0.13; optionable): Semiconductors
http://biz.yahoo.com/p/i/isil.html
After Hours: $10.31
EARNINGS: 01/28/2009
STATUS: Ascending base. Nice move off the December low into early February. Then another break higher that month. As the market sold off over the past three weeks, ISIL faded, but it held the 50 day SMA (9.68) and worked laterally in a very tight base. While the market is selling ISIL is one of the stocks quietly building a very solid foundation for a strong break higher. Just going to wait for the breakout move to show itself.
Volume: 3.053M Avg Volume: 3.54M
BUY POINT: $10.48 Volume=5M Target=$12.45 Stop=$9.75
POSITION: UPH DB - Apr. $10c (56 delta) &/or Stock
http://www.investmenthouse.com/ci/isil.html
Play Date: 03/05/2009
NSM (National Semiconductor--$10.86; +0.11; optionable): Semiconductors
http://biz.yahoo.com/p/n/nsm.html
After Hours: $10.86
EARNINGS: 03/11/2009
STATUS: Cup w/handle. NSM was not immune to the selling, but it bottomed in November and then that level in December and January. NSM has not only held the lows but has rallied and is now forming a nice 4 week handle to its 4 month base. Excellent action in a very weak overall market. Money flow is rising higher ahead of the stock. Just waiting for NSM to make the break higher.
Volume: 8.824M Avg Volume: 6.573M
BUY POINT: $11.12 Volume=9.9M Target=$13.45 Stop=$10.38
POSITION: NSM EB - May $10c (66 delta) &/or Stock
http://www.investmenthouse.com/cd/nsm.html
Play Date: 03/05/2009
QCOM (Qualcom--$34.63; -0.11; optionable): Telecom equipment, cellular circuitry licensing
http://biz.yahoo.com/p/q/qcom.html
After Hours: $34.69
EARNINGS: 01/28/2009
STATUS: Trading range. Nice break of the trend in December as QCOM rallied off the bottom of its sharp August to November selloff. Rallied nicely to early January and then fell into the current 9 week lateral base. Bounced off the low this week and rallied up to the 50 day EMA (34.80) near the top of the range, moving on steadily rising above average volume. Money flow is solidly ahead of price, and looking for QCOM to follow the money and make the breakout move.
Volume: 27.301M Avg Volume: 21.279M
BUY POINT: $35.52 Volume=30M Target=$41.45 Stop=$33.91
POSITION: AAO DZ - Apr. $32.50c (68 delta) or AAO GG - July $35c (57 delta) &/or Stock
http://www.investmenthouse.com/ci/qcom.html
