Cisco will remain one of my biggest positions…

A morning bounce or two out there.  The markets are up about 1-2% and if they can just sit around here at these levels for a day instead of zooming 3-5% back up and down all day, we might finally start building a base and/or even a bottom.

Obviously, the biggest stock story of the day is our Cisco, which is up some 17% this morning off of yesterday’s earnings report.  In the chat yesterday, I’d told a subscriber that the Street was expecting some horrible guidance and commentary from Chambers.  It wasn’t a great report, but it was far from horrible. Call it pretty good.  Confirms much of our tech thesis.

Cisco was indeed one of my biggest positions with lots of calls, and it’s one of the stocks I’ve been willing to buy during this crash the last week. I’m selling some of the closest dated calls, such as the November and January 2012s.  But Cisco will remain one of my biggest positions, as these calls are now kicking in and giving us lots of leverage on the upside.