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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Eski who wrote (39232)	8/9/2000 8:31:04 PM
From: Eski	Respond to of 77400

Another Sign By Dave Landry August 9, 2000 8:15 PM EST -------------------------------------------------------------------------------- Each evening we focus on the most interesting aspects for the upcoming trading day. The comments are based on observations of the nightly updates of the Stocks/Sectors and Market Bias pages. They are provided for educational purposes only and are not intended to be direct trading advice. Also, keep in mind that these remarks are made up to 12 hours in advance of the markets opening. Therefore, overnight events may alter the outcome of these observations. -------------------------------------------------------------------------------- Join me, fellow TradingMarkets.com content providers, and other traders and money managers at the Trading Markets 2000 conference at the Venetian Hotel Resort and Casino in Las Vegas on October 13-15, 2000. Do you swing? Read my latest article "Ten Tenets Of Swing Trading". As usual, your feedback is welcome. At the time this is being published, the Globex S&P futures are trading .70 points lower and the bond market is trading up 1 tick. As expected, on Wednesday, the Nasdaq gapped higher (a) on the positive Cisco (CSCO) earnings. And, as feared, this turned out to be a pop up opening (see Tuesday's commentary). The market found high quickly and dropped for most of the morning. After chopping around for most of the afternoon, the selling resumed late in the day. This has it closing poorly (b) and well below the 50 and 200 day moving averages. Wednesday's action was another sign of the bear--no follow through on the positive news. In fact, it appears that this morning's pop up opening was an opportunity for funds to bail and possibly get short. Also of interest is the VIX remains near its lowest levels since February, and may be in the process of reversing as evidenced by a CVR II Sell Signal on the Market Bias Page. The S&P confirms this action as it formed a bearish outside day down on Wednesday (a). Based on the above, it still looks like we remain in retracement from lows mode. Therefore, continue to look for shorts and only nibble on the long side. Genzyme (GENZ), on the the Pullbacks Off Highs List, survived the Eli Lilly debacle-de-jour and looks like it has the potential to make another stab at its old highs. For you breakout players, Cerner Corp. (CERN), on the Momentum 10 Technology List, is forming a narrow consolidation at higher levels and looks poised to break higher. On the short side, Applied Materials (AMAT), mentioned Tuesday night and on the Pullbacks Off Lows List, still looks poised to resume its downtrend--I know, they beat estimates after the close. Teradyne (TER), also mentioned Tuesday night and also in the weak semis ($SOX.X) still looks interesting to me. Dell Computer (DELL), also mentioned Tuesday night and on the Pullbacks Off Lows List, still looks poised to resume its downtrend. Best of luck with your trading on Thursday! Dave Landry P.S. Reminder: Protective stops on every trade!