Closed 6×100 QCOM Feb11 $52.5/57.5 Call Spread
Looks like there are no more positive catalysts for QCOM after IPhone for Verizon was annouced.
Profit taking can be seen after the iphone annnoucement and we decided to close this position at a loss
Sold the Call Spread @ $1.29 .
Rolled QCOM FEB11 $50/55 Call Spread into $52.5/57.50 at credit of 90 cents
Qualcomm rallied and broke above $50 on the first trading day of the year.
With today's positive news on the purchase of a WIFI company Atheros (NASDAQ: ATHR, up 18% on the news), QCOM is now up 2% as well.
We decided to uproll our $50/55 Call Spread to $52.50/$57.50 call spread. We are maintaining the call spread strategy because we believe the 10 yr high $56.88 could act as a resistance.
