The market got spooked from CSCO earnings report. The news of a 5% layoff from CSCO was a big surprise to the market. With the PC market slowing and IBM projecting a tough quarter ahead, it was a making for the tech sector to get hit. Since IBM, CSCO and INTC are part of the DJIA, a 200+ point on the downside for the DJIA was not surprising.
The surprise strength was the once hated stock; AAPL. AAPL continue to bounce off its double bottom pattern and making the attempt to fill the January 2013 price gap. No surprise, GOOG is continuing to show weakness, trying to hang on to the 860 support level.
Here is the latest analysis on the market, CSCO, IBM, INTC, AAPL, GOOG, and FB.
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Disclosure: Long in AAPL
