Now the stock is looking sicker than a dog. Good ole ma kept you out of trouble once again. BTW, cisco has negative news, is the only stock trading below it's open on my screen and is below it's daily 5ma since the open. Now many traders would buy it here for a bounce and based on where it bounced yesterday - It could bounce but I wouldn't want to fade the trend so I stay away till the stock trades back through 10.30 or I take a short on a retracement (better idea)
Now the tape is looking a little better on the stock, It is very tempting to want to buy it here since Maybe this is the real break up through 10.30. However, it is too early since it is below the 5ma Notice though that the dow is turning positive now, nasdaq is already positive if momentum continues it could take it higher (cisco is 5% of NDX). But wait - there was a big seller there at 10.30. Also, margin calls are probably puking stock by now so we wait, although if you ask me the way the tape is behaving I would say that it can go through here (big prints on the offer). But DON'T GUESS. Wait and see. Follow the 5ma.
still looking sick. Good thing we didn't guess that previous move. Notice how it never took out the ma. Notice two red candles lower than previous candles