CSCO half way to 50.
Yesterday I offered the view that: "Regardless of the Nasdaq, I think CSCO will almost certainly hit 50 again within 1-2 weeks, and as such offers a 10%-15% shorting opportunity", even as it was moving up to close near 60 by end of the day Thursday. However, at this rate, it may hit 50 by Monday. You may all recall how in May CSCO acted as a bellwether for the NASDAQ bottom, holding 50 on intraday tests three days in a row, as the index was putting in the bottom at 3042. Therefore, I view a retest of 50 by CSCO as very significant for the NASDAQ as a whole, and a serious breach of that level will bode ill, tho I personally don't expect it.
Sorry if this is at all redundant to other posts, as I do not read very many of the hundreds of excellent posts made here each week.
The Phoenix |
