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Cisco Leads Tech Lower

Tech stocks fell Thursday despite stronger-than-expected results from bellwether Cisco Systems . In fact Cisco was among the top drags on the Nasdaq along with Apple and Qualcomm .

Some investors found the move surprising considering Cisco Chief Executive John Chambers said his customers were seeing more stability, adding to hopes that business conditions would soon recover.

"The techs are under a little bit of pressure," explains Peter Kenny, managing director at Knight Equity Markets. "There is a lot of rotation going on and that's really driving the market.”

What's the trade?

Cisco is up 40% since April, explains Pete Najarian on Fast Money's Halftime Report. Why chase it? But on a pullback I think you gotta’ like it.

I’d be cautious about getting on the tech train right now, counters Greg Troccoli of Opalesque, especially if you’ve not been in prior to this.



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