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13 day EMA crossed below 50 day EMA ... kiss of death Kiss of death? Dont think so. I agree that this is a rare event and a sign we are at a crossroad. Last time this happened was Sept 98. CSCO took a big dump with the rest of the market three weeks later and was above the Sept crossover in about 6 weeks.
But look even earlier: It happened in Dec 97 & Sept 97 with zero consequence, just a normal basing action. The crossover in Feb 97 was a trailing indicator to a selloff that had already begun.
So what does this say? Nothing IMO. CSCO & LU have held up through this tech selloff better than any other stocks I follow. If the selloff continues CSCO will see high 90's (CSCO falling might be the signal of the bottom), if no more selling- 120 could be only a couple of weeks away.
200d EMA is still way down @92. Lots of down room left. Eric
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