Schaeffer's Trading Floor Blog

Readers Respond - CSCO?

by 5/10/2005 2:23 PM
Stocks quoted in this article:

Mike says - "Say, speaking of sentiment, any comments on the numbers and/or charts for CSCO who reports tonight? "

My response - Below is the updated weekly chart of Cisco Systems (CSCO), which shows an intermediate-term downtrend, and the sentiment which shows a bias toward the optimistic side. This is a little changed from what we saw last week when we discussed how some were expecting Cisco and Dell to lend a hand to the tech sector.


Created with SuperCharts by Omega Research

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 67%
  • Number of analysts tracked by Zacks: 30
  • Short interest as a percent of float: 0.7%
  • Short interest ratio: 0.872
  • Put/call ratio percent rank: 92.4%

In a nutshell, I think complacency is dominant, but the key is going to be what Cisco's management says about the future. Long-time readers may remember what we discussed back in September when Cisco chief John Chambers expressed surprise that comments he made were met with a negative reaction. As such, I am not sure he is going to be too eager to say anything that might elicit a similar reaction...


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Buying

by 5/10/2005 1:34 PM
Stocks quoted in this article:

It appears the bulls are taking a turn after this morning's selling. My alert for NYSE net ticks has become active as the SPX turns up...


Chart Courtesy of Thomson/ILX


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IBM

by 5/10/2005 1:23 PM
Stocks quoted in this article:

For what it is worth...IBM is still struggling as it creeps back toward its recent low. I just checked in on the sentiment and found that is more or less inline with what we discussed last week. The only difference is that the put/call has actually declined, indicating an uptick in optimism...

  • Percent of analysts tracked by Zacks who rate the stock with a "buy": 65%
  • Number of analysts tracked by Zacks: 17
  • Short interest as a percent of float: 0.8%
  • Short interest ratio: 2.339
  • Put/call ratio percent rank: 1.1%

It appears that few seem worried about the recent earnings miss and technical breakdown. If you are new to this space, make sure you check out the link above for full look at this potential trouble spot...


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Index Check

by 5/10/2005 12:44 PM
Stocks quoted in this article:

Here are where the major indices stand...

Overall, we see a similar picture to what we saw at the open though the moves are somewhat larger. Widespread weakness remains the theme of the day....


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SPX Intraday Chart

by 5/10/2005 12:29 PM
Stocks quoted in this article:

We drift into lunch...


Chart Courtesy of Thomson/ILX

...with the SPX trying to hold its session lows...

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