[smartads]
Yesterday Cisco (CSCO) reported some numbers, and it seemed to to spark a flurry of optimism among the inter webs… specifically for the technology sector.
There are generally staple companies that when they report, they can bring a lot of other companies down or up with them depending on what they report. So, in this case, many traders and analyst believe this recent positive news will undoubtedly help those around it.
You can see the recap of the report here.
Now let me clarify that the numbers and sales were still down, but they were “stronger than expected”. These type of arguments always make me laugh because the results were based on the estimates of some third party. Was it a matter of the bar being set too low, or were they really stronger?
Because I admit 100% to having NO CLUE how to play earnings, releases, and so on, I like to stay with what I know best… TECHNICAL ANALYSIS.
At least for the short-term, it seems like this news desperately saved Cisco from diving below the 50 day moving average and helping it stay in line with the current trend, while both the relative strength index (RSI) and MACD look like they are curving higher.
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