Old School Tech stands out as being one of the hardest hit sectors in today's trading. Cisco's failure to meet Wall Street expectations has brought down Intel, Microsoft, Google among others.
This could be a signal that expectations for this group are too high and the momentum is starting to deflate. I would not be looking to get long these names right here. Big red candlesticks should not be fought in this manner. No one is going to be ready to stick their necks out in the near term. There is just too much headline risk and broad market selling.
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