Back on July 19th, I did a post for Slope+ users which stated the following about Cisco:
It’s interesting to me that a company as large as Cisco, even when viewed over years, has been trading in such a reliable price range. I’d suggest that, given present price levels, as well as the relation of present prices to past conditions, this might be an opportunity to take advantage of the potential for weakness ahead either by way of puts or selling the stock short. A conservative stop-loss price would be 26.32.
Well, judging from tonight’s nearly 10% monkey-spanking that’s happening with this tech giant, I’d say the above post was pretty prescient. My only error was an overly-tight stop (which is something I’m afraid I am guilty of too often). Cisco managed to reach 26.49, seventeen cents higher than my stop…….but I confess I inched up the stop to stay in position (thank goodness). In any event, this is my biggest individual equity short, and I’m looking forward to the plunge commencing on Thursday morning. I’ve indicated after-hours trading with the tinted zone below.