|Day Low/High||220.39 / 226.30|
|52 Wk Low/High||173.31 / 331.27|
There is still a very strong appetite for individual stocks with momentum.
No one can argue the market doesn't need rest and consolidation, but how that happens is a key question.
ANET is likely to have either a sideways correction -- or a sideways-to-lower correction.
It's the season for fund managers to buy the anointed stocks.
With the former Cisco CEO set to step down as chairman, the path is clear for his successor to make big acquisitions and other moves to overhaul Cisco's strategy and culture.
Friday morning bounce shows little trust as North Korea issue remains unsettled.
On the whole, tech stocks had a solid earnings season. But many richly-valued names sputtered despite releasing decent numbers.
The networking giant is forecasting limited sales and earnings growth for the next few years, as hardware pressures offset software and services growth.
Most of these names have exhibited exceptional price strength.
Amazon and Google likely want a minority stake in Toshiba's flash unit rather than full ownership. Deals like that could be useful as cloud giants keep growing their spending.
With direct and indirect threats to its data center switch business mounting, it looks as if Cisco wants to make advanced software features available on cheaper hardware.
Keep an eye on the pattern of morning weakness and afternoon strength.
Poor market breadth and fewer stocks hitting 12-month highs aren't helping.
The indices may test intraday lows, which we haven't seen at this point in the day in a very long time.
Though its earnings report contains some bright spots, Cisco was unable to sidestep the telecom capex issues that have stung many peers. Weak enterprise switching demand also didn't help.
It's been very difficult to make money in this stock, patent infringement or not.
CSCO is trading down on JNPR's disappointing 1Q guidance, but Cisco's mix shift to high-growth, high-margin areas protects it from short-term weakness.
With prices moving to the upside as we head into the New Year, we look for another test of the $85 to $90 area.
Overall, slightly more than half the charts scored a 'B' or better.