Frank wrote this about CSCO:
CSCO looks like a double bottom with strong support at 17.00 and heading up to 200 DMA. What do you think of it?
I agree with Frank's read of the chart but there's too much overhead resistance for me to be interested in it. Maybe if it closed above the 200-day moving average I'd take another look. I just think there are easier plays out there.
Thanks for the chart Mike. With a tight stop at 17.50 I think it is decent swing trade. A late Dec. rally might be enough to break the 200 dma resistance... otherwise a break even proposition. I went big and bought a few Jan 06 17.50 calls... let us know if you see any other good swing trades!