Big Reversal?

It was a very busy Friday, hence the reason for the late update.

One short position closed (SOXS-25-10) and five more opened.

Cisco Systems was one of those five (not advice, not a recommendation).

Earnings for CSCO, were released in mid-august; market reaction was a swift move lower.

From the earnings, everything seems to be good.

However, at this juncture, that’s not what the market is saying (at least for now).

Cisco Systems CSCO, Daily

Note:

As a general rule (for my firm), on any initial position, the implied stop for that position is that day’s session high or low depending on long or short.

In the case above, that means a ‘buy-to-cover’ stop at the day’s high of CSCO 68.10 (not advice, not a recommendation).

Other (short) positions to be reviewed over the weekend.

Stay Tuned

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Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

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