My CSCO "Double" Take
Because I have a position in CSCO, I naturally have to defend today's double downgrade by both Prudential and BofA as another leg in opportunity for my longer term call play. As shown in my portfolio update post I am long the Jul 27.50 Calls with a cost basis of 3.25.
I'll be waiting to see how the stock reacts over the next day or so before I make additions.
Stay tuned "swingers" and remember to grab a vine and let me know if the analysts are either trying to get in at lower prices or are intentionally trying to make it go lower or if the latter is just a conspiracy theory.
2 comments:
Volume is quite high. If it closes below support at 28, I wouldn't touch this stock with a 10 ft pole on the call side unless it acheives to close one day above recent high. We'll see tonight but this seems the start of a downtrend so far. G/L!
Thanks for the technical analysis Tom. I'm willing to give it a lower move to 27 before I get a little concerned as to a downtrend. But I definitely see where you arrived at a 28 recent support level.
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