The CSCO Effect

Well Traders, I expected this. Cisco (CSCO) has a pretty big effect on technology, so I knew its earnings were going to affect the $NDX one way or the other. It just so happens that the earnings were good, and the $NDX jumped. Still, if you look at my chart, the effect of the move was minimal for me and the index is still well within my profit range. You'll notice the STO is getting near the Overbought territory and the MACD is moving into its upper range as well. I suspect maybe a few more days of upside before the fall. I still have $1,824 resistance in my favor as well as my Diagonal Resistance line.

At this point, barring any incredible 8 day move, my February Iron Condor looks solid. It is still too early to talk about the March trade, too much time left on the table for that one.

Happy Trading!