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Nov 7, 2019 15:27


Long Momentum

Intraday Fundamentals
• Qualcomm stock gained 4% in after-hours trading Wednesday after the company posted solid earnings results for its September quarter.
• Qualcomm (ticker: QCOM) reported adjusted fiscal fourth-quarter earnings per share of 78 cents , above the 71 cents Wall Street had expected. Revenue of $4.8 billion was roughly in line with expectations of $4.76 billion .
• The chip maker’s predictions for the current quarter bracketed Wall Street’s expectations. Qualcomm forecast a range of $4.4 billion to $5.2 billion in sales, and adjusted earnings per share of 80 cents to 90 cents for its fiscal first quarter. The average estimates among analysts were for sales of $4.83 billion and 81 cents in EPS.
• “We exit the fiscal year having successfully executed on our strategic priorities: helping to drive the commercialization of 5G globally, completing a number of important anchor license agreements and executing well across our product road map,” CEO Steve Mollenkopf said in the earnings release. “Our technology and inventions leave us extremely well positioned as 5G accelerates in 2020.”
• Qualcomm Inc Says Has Won 230 5G Smart Phone Designs In Fiscal Fourth Quarter, Up From 150 In Previous Quarter; Says It Has Signed 75 Licensing Deals That Include 5G Technology
• A couple targets raised
ADV 7.2m RVOL 1.22 ATR 1.82 BETA 1.61 Short 1.61% Inst Own 80.60%



Trading Strategy
• Fade the gap if it sets up.. very small it has been a long time
• Long Bias heavy off of 86 if it gets there on spike at the open, or early afternoon looking for the trend reversal there
• Look for a longer profit taking and a slower pull back 87 and look for signs that this are will hold to start building a long
• IF the breaks and holds 89 at the opening take a small long up to 90 and reassess
Reading the Tape
I am reading the tape late in the day. I am catching the larger set of buyers in seller as I set up I was able to get this on the lower end of those on a few breaks on this one today. I had a decent bead on this today.
Trade Management

• I am feeling working these off levels especially around VWAP and around consolidation
• I caught a great runner and stayed sized.
• Good bead on the tape, sane enough to step away on the fallout.

Execution detail:

Date/time Symbol Side Price Position
2019-11-07 15:27:14 QCOM buy $89.750 long
2019-11-07 15:27:15 QCOM buy $89.745 long
2019-11-07 15:27:37 QCOM sell $89.745 0
2019-11-07 15:29:54 QCOM buy $89.785 long
2019-11-07 15:29:59 QCOM sell $89.740 long
2019-11-07 15:30:19 QCOM sell $89.757 0
2019-11-07 15:30:59 QCOM buy $89.795 long
2019-11-07 15:31:06 QCOM sell $89.807 long
2019-11-07 15:31:09 QCOM sell $89.805 0
2019-11-07 15:40:54 QCOM buy $89.535 long
2019-11-07 15:40:59 QCOM sell $89.547 long
2019-11-07 15:43:41 QCOM sell $89.675 long
2019-11-07 15:43:45 QCOM sell $89.650 0
2019-11-07 15:48:01 QCOM buy $89.835 long
2019-11-07 15:48:06 QCOM sell $89.857 0
2019-11-07 15:49:01 QCOM buy $89.945 long
2019-11-07 15:49:11 QCOM sell $89.894 0

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