Stocks This Week: Buy Qualcomm And Bank Of New York

This week has historically been the most bearish one in the history of the S&P 500 and the DJIA. Since 1928. This week has seen a rising price only 35 times. If this time interval has been up in the past, the next week has been flat. Almost all market indicators are in bullish mode. The average low in any year has been October 27th, and that date is not far away. The best strategy is to accumulate stocks to hold into yearend. One helpful method is to simply calculate the percentage of times that the stock has risen into yearend as a starting point.

Qualcomm has risen 72% from September 4th through November 16th. This period can be seen in the monthly histogram below. Below that graph, we see the dynamic cycle which is bottoming now. The share price has retraced 38.2% of its 2016-2024 advance, a reasonable support level. The stock price could reach $200.

QCOM Monthly Histogram

QCOM Monthly Cycle

Bank of New York is in a similar position. From October 3rd through December 30th, the stock has risen 84% of the time. Again, this can be seen in the monthly histogram. Weekly, we see higher lows in momentum and an upturn in relative strength. Monthly, we see a breakout from a large formation. The monthly relative strength is basing and turning up. The monthly cycle is strong. The stock could reach $85 by yearend.

Bank of New York-Daily, Weekly, Monthly