Indexes battled back from an early plunge after CSCO took the Nasdaq down over 2% at the open. Markets to their credit rallied back. Lets keep in mind CSCO is a former leader. Leading stocks performed admirably. Volume fell with the exception of the Nazz where volume increased due to huge volume in CSCO.
Regarding CSCO networkers took it on the chin early. However most in the group were able to climb there way back to close at session highs. JNPR finished unchanged after being down almost $2 intraday. ARUN found 50 day support. NTGR finished near its highs for the day. All these probably gained market share on CSCO.
ORCL found 50 day support to close on its highs of the day. CHRW found 50 day support to. DD 50 day is 46. NVDA is trading just above its 200 day line after posting a fine earnings report after the close. See if it manages to close above the line. Remember to put in your buy stop on RIMM above 60. RIMM demonstrated strong relative strength today.
CNX RIG continue to trade above their 200 day MAs. SWN RRC continue their fight with their 200 day MA.
Sure GS boosted HAL target and estimates today. The stock hit a 2 yr high today. This after the intraday 10/28 plunge after the government tried to blame HAL for the spill. Shame on the government. Good work HAL.
Good luck.
The author owns ORCL RADS.
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