Qualcomm (QCOM) is pointed higher on the charts. We last checked in on QCOM on November 2 and wrote that, "As you sit on the edge of your chair until Tuesday evening, be ready to take action on QCOM if needed."
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The market is concerned that these taxes would trigger a rush to lock in gains before possibly higher rates went into effect.
Don't fear the taxman, view this one as an opportunity, not a penalty.