Michael941
Short

QCOM Potential set ups

NASDAQ:QCOM   QUALCOMM INC
After a less than stellar earnings , which hit the $90 called for in my previous analysis of QCOM , Price action was too mixed at open for it to be good.

-Earnings couldn't change MACD , RSI is still overbought, and looking a lot like consolidation.
-Potential for either a rising wedge or an ascending channel . Both of which tend to break with gravity . I'm loading cheap puts right now. Looking for the $84 may 24th or further out to hit under $100 a contract. Already holding some for the 17th.
Comment: Went ahead and sold out of my 17th's at 224% return. Since my avg on my 17th's and my 31st was 89 a contract, I did this to lock in profits as well as I've covered the risk on holding my 31 in case of any violent movement to the upside.
Looking at the gap fill around $81 gap fill to offload my 17ths and cover my entire position. Keeping my 30ths to see if we make it somewhere around the earnings gap.
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