QCOM Options Are Pricing a $20 Move Into July 31 — Our Read Says the Drift Is Lower

QUALCOMM Incorporated, ticker QCOM, closed at 167.06. Hold onto that number, because everything in this episode is measured against it. Our read into the July 31 expiration is leaning bearish. It is not a conviction call. Open put interest has been building all week, sentiment in short-dated options reads negative across every expiration bucket, and both technical horizons we checked point…

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