QCOM is one of my favorite long-term stories in the technology space.
I was holding some last year, then I bailed out of it in the low 40's on a breakdown in the daily range bands.
From there it went positive on the daily range bands in early November and took off moving back to just under $50 a share in early January. And I was feeling like I missed the party.
I've made some money in past buying this stock under $40 and selling the 40 calls to generate income.
Seeing the breakdown this past week, on I picked up some at right about $39 a share. It ralled briefly and got as high as $39.70, but seems to find some resistance at $40. So I bailed out at about $39.55 and took a small profit. That turned out okay since the stock took out the $39 level and is now sitting a hair above $38.
The stock has now negative on the weekly range bands also for the first time since October of 2008. The low set after that selloff is just under $30, so the stock could go that low before finding a bottom.
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Cramer did an "Off-the-charts" segment on CNBC found here:
http://www.cnbc.com/id/35203109/site/14081545
Cramer likes the fundamentals and says the stock is a buy. He point out that the company has no debt and $11 a share in cash. He feels its still a great long term story, but the stock may not be done going down. He feels it will be "2 quarters in the penalty box" before its safe to fall in love with Qualcomm again.