It sure took its sweet old time, much like GLW and other dead money old tech stocks which are only now waking up after slumping this century, in a post dot-com world.
But Cisco’s powerful earning’s reaction today figures to be far more than just an isolated, fun pop. Instead, we are talking about a significant move leaving well-defined, last line of defense support in the dust.
On the monthly chart, below, you can see an old note I have from a blog post last year looking for major lows to hold. Cisco must now hold $21 on any subsequent pullback for this major breakout to remain intact.
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This is so true. People have to consider how young technology really is. People say that I pads and tablets are going to take the place of computers(I laugh) but real techs know that is not true. Without computers there would not be tablets today. That is why when we use words like deprecation and legacy in the tech world. Instead of disrespecting the old technology and tech hardware that has held its weight to get us here, we call it legacy. We know that it is how we are progressing the world. Non-tech people consider old technology trash and just put computers on the curb that are only useless because of something a tech could fix in 1 minute, a few keystrokes. While techs embrace it all! I can take an old 386 computer with 32mb of ram and no hard drive. Run linux on it from a floppy drive and have that machine do the most important thing for a network full of really breaking edge computers and servers. I really like this because it gives respect and understanding to people that might otherwise not consider the real magnitude of where we are today and how we got here.