KristofDb
Short

The Tech Stock Trade: Cisco (NASDAQ:CSCO)

NASDAQ:CSCO   CISCO SYSTEMS INC
Yesterday, Cisco (NASDAQ:CSCO) reported earnings . Cisco is one of those old tech stocks, like Yahoo             (NASDAQ:YAHOO), Microsoft             Corporation (NASDAQ:MSFT) and IBM             (NYSE:IBM). One thing they all have in common is the possibility of going lower in the coming days. Also important to note is that the major indices, specifically the S&P500             (NYSEARCAPY), saw some selling after making a new high.

Now, CSCO             (NASDAQ:CSCO) has gapped higher and the daily chart is showing a topping-tail on volume . This action on the daily chart is telling us that institutions are selling the stock.

As a technical trader I will play this on the short side after a retrace into the tail to minimize my risk .
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Kristof De Block
Elite Round Table, Pro Trader
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