QCOM Gap And Crap, Watch This Support Area
Qualcomm Inc.(NASDAQ:QCOM) is a leading developer of wireless telecommunications products and services. This stock started the morning sharply higher trading around the $59.40 area. Since that gap higher open, QCOM stock has faded and is now trading higher by just 0.63 cents to $57.61 a share. Short term traders should watch for intra-day support around the $57.00 area, and more support around the $56.45 level.
Other leading stocks that have faded from the open include Texas Instruments Inc.(NYSE:TXN), Salesforce.com Inc.(NYSE:CRM), and Broadcom Corp.(NASDAQ:BRCM). Often after a sharp rally that most of these stocks had yesterday the next session they will pullback or consolidate before rallying again.