Yesterday at the end of my Tastytrade segment, Tom asked me what I thought about Cisco. I speculated that it would be going down, but only by about a buck. Well, I got the direction right, but the plunge to fill its gap took just a few moments instead of weeks.
The reason for my wild-assed guess was that Cisco has, over the past decade, exhibited a fairly reliable pattern, which I’ve crudely circled below. I also stated “Time to Short Cisco” back on this October 11th post, although just to be cruel, the stock did rally a bit, right up through yesterday, before completely barfing today.
It’s kind of too bad, because there was a time that a 12% drop of Cisco would have single-handedly blown up the stock market. Times have changed, though. Duh.
