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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 84.82+3.0%Feb 6 9:30 AM EST
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To: JRH who wrote (36549)5/25/2000 10:38:00 AM
From: The Phoenix  Read Replies (1) of 77400
 
Technicals are not a one shot in time thing. You have to watch them constantly to see where breaks and support happen. It's difficult to figure out what will exactly happen with a stock when it's right at support - it can either break through it - BAD; or bounce off it - good. CSCO at $50 was right at support. If it had ever printed $49 that would have been it... and given the market earlier this week everyone - including me felt that indeed CSCO would break down. I was impressed with how well CSCO held $50 yesterday morning under all that pressure from the day before - it was nothing short of amazing. Lot's of institutions clearly don't want to see CSCO break $50. When we bounced off it yesterday afternoon and finished up going away that was a good sign. An even better sign was when we broke the double top this morning at $55 - as long we hold $56 we should have a clear shot at $61-$62.

So, technicals are a timing issue - when to buy and sell. It has little to do with whether a stock is a good stock or not. As you'll note from my ealier posting I don't buy the valuation issue when it comes to CSCO - and still don't. BUT, Csco at $49... that is another story altogether.

OG
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