QCOM - implodes on negative chatter

With reports of Korean anti-trust charges, Qualcomm (QCOM) imploded from the open, settling -9.4% @ $48.01. With a decisive daily close below old support of the $52s, next support is not until the 42/40 zone.


QCOM, daily

QCOM, monthly

Summary

Seen on the bigger monthly cycle, you can see how with the loss of the 50s, there really isn't much price support until the low 40s.

Regardless of however strong the main market might be into year end.. QCOM looks set for further trouble.... not from a profitability viewpoint, but from one of tainted sentiment.

*I've no position, but do see QCOM as an interesting play ahead of Jan' earnings.... but only from the low $40s. For now... its merely one to watch.