Allan, I agree CSCO is being pre-spun as bad, but we also haven't been seeing a lot of "buy the good news" on earnings unless the news has been REALLY good. I am hard pressed to think of what CSCO could do to launch a sharp rally here. Announce a split and dividend perhaps? Still, I could see them NOT causing damage here due to the negative assumptions, and that might be enough.
But tomorrow is also Colin Powell at the UN. Again, I have no idea what the "spin" on this is. If he proves the US case and the UN swings towards war... well, it's certainly great that it wouldn't be the US taking matters into our own hands, but it's still war. It's really hard to gauge how that presentation will play, let alone its market impact (which is, to me, only secondarily important).
I gotta say that at the moment, I think the path of least resistance is down. Since we're getting that "mild" day I predicted yesterday, I'll make no prediction about tomorrow here. But nimbleness does seem called for...for longs and shorts, seems to me.
the freep |
