Hello!
In our planned search for mainly bearish names this afternoon, we tried to uncover stocks with lower risk and yet some respectable reward to potential. CSCO arose as a candidate that may be worth looking at if the markets remain under pressure. Here’s the chart:
To go with the technical issues, we have low dollar cost options with a nice delta, nice gamma, low theta, and plenty of time for it to grind lower if the NDX “double tops” and CSCO gets caught up in the selling, please see below:
A close below today’s low could serve as a trigger ($42.44) and might need to because we’re not expecting more than a $2.00 drop initially. We don’t want to wait too long. With the markets resuming a news/bipolar complexion again, we wouldn’t stick around for too long if they reverse CSCO back up in strong markets. That’s just the nature of the business right now!
More on the way when warranted!
Cordially,
Wayne