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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 76.22+0.1%3:59 PM EST
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To: Ibexx who wrote (18002)10/9/1998 4:32:00 PM
From: Ibexx  Read Replies (2) of 77400
 
Thread,

The following is from James Cramer (10/9/98) for whatever it is worth.

We saw massive capitulation in Cisco (Nasdaq:CSCO - news) yesterday, too. At 43 you couldn't give Cisco away. But at 46 there were nothing but buyers.

None of this stuff would matter if it weren't for the fact that these reversals were accompanied by GIANT volume. That's what I wanted to see. They did not reverse on a dime. They reversed on billions of dollars' worth of buying. They were not just washed out; they were in demand. Throughout this vicious selloff since July we have lacked the kind of demand I saw yesterday for Morgan Dean Witter, Fannie Mae and Cisco.

Now, if the Fed doesn't ease, the buyers could capitulate again. That's not wholly unexpected and it is why there is risk to the market. But at least Cisco, Morgan Dean Witter and Fannie Mae are NO LONGER EXPENSIVE. So they should have less to fall even on disappointment.

That's what we need to see more of in this market to change its stripes. Mind you, while I have warned that I would tell you when I saw this kind of capitulation, I did not see it in the broader market as a whole. But I did at least see it in a couple of places in yesterday's action.

Ibexx

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