Hooray for csco! Down 7% in afterhours, pulling the qqq down too.
I was known as iluvcsco on the cs board, owned it off and on from 1993, when I heard about a browser that could find places on the internet (what was that? In 1997, all my friends thought I was crazy to think the internet was going to be as big as it has become. they thought it was a fad) until I sold it early in 2000, 20% below where it eventually got to (82 I believe, after I sold it at 68).
Another funny story about csco: IN april of 1997, almost every analyst was saying it was a sell signal. I bought it after a 30% drop in the 10% correction in tech stocks at that time, and then in the next 6 months they all switched to buy signals. Don't buy or sell because of analysts.
Bottom line: I expect a lot of earnings to be talked down this month. Expect 2730 or less this month, and 2350 by the fall before this first wave of selling ends.
