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The Tech Stock Trade: Cisco

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May 16, 2014 – Comments (0) | RELATED TICKERS: CSCO

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 .

 

 

Kristof De Block

Elite Round Table

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