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7 Hot Stocks to Trade (or Not)

Qualcomm

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Nearest Resistance: $59

Nearest Support: $57

Catalyst: Positive Earnings

Qualcomm (QCOM) is up almost 4% as of this writing after the firm posted better-than-expected earnings for its fiscal third quarter. Even though the firm's positive earnings numbers came in below analyst estimates, a wave of negative sentiment surrounding chipmakers in the last week likely had more than a little to do with Wall Street's reaction to QCOM's earnings.

Things weren't as bad as they first appeared thanks to growth in emerging markets and more abundant 3G and 4G deployment -- tech that QCOM's patent vault earns royalties for. Resistance at $59 has been challenging for Qualcomm to move above in the past. If shares push through that level, I'd recommend buying with a protective stop at the 200-day moving average.

Qualcomm, one of David Tepper's Appaloosa Managmenet holdings, shows up on a June list of 5 Stocks for an Oversold Market.

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