Waiting For Cisco
The Nasdaq has continued
its recent uptrend theme this morning as the QQQ entered its fourth
consecutive day north of critical hourly support levels. The NQs have again
peaked just shy of 1500 after having climbed another rung in the recent stair-step
pattern, with many traders likely awaiting CSCO’s
(
CSCO |
Quote |
Chart |
News |
PowerRating) key earnings and
guidance after the close before committing further. All in all, it’s been a
rather quiet and narrow-range day thus far since the initial gap, and I’m
trading lightly, having all but turned off my one-minute chart to lessen the
noise as we consolidate within a very tight range.
Monday November 5,
2001Â 12:05 PM EDT
(1)
Approx. Equivalent QQQ Price
In general, it
appears that selling continues to be limited to light profit-taking, which will
likely get a stronger test as the NQs once again flirt with 1500.
Good trading!