One Bright Spot In This Gloomy Market - Cisco Systems

Cisco Systems

shares are trading higher by $2.14 at $24.65 in Thursday's session. The catalyst for the strong rally is a Q2 beat for EPS of $0.03 with slightly better revenues. It is one of the only issues in the market to bottom off its opening which was at $24.09. So far, it has reached $24.77 and is not far off that level. If the rally continues, there may be additional resistance at its January 14 high ($24.90). In addition, there may be a host of institutional sell orders at the psychological resistance level at the $25 level.