Prepare to see a sharp drop post earnings report. They are going to be providing terrible guidance and bad earnings due to austerity measures (they are losing lots of government sales) and due to competition in several areas due to superior product lines by F5 networks etc.. Cisco lost its focus chasing the 40 dollar home market and toy video cameras market. Cisco is mismanaged and thier competitors are coming out with superior products. They announced large layoffs in the hopes they can stem the bleeding when they deliver bad news this august. I see CSCO dropping to 14's touching 13's. Keep an eye on the August puts around 14-15. still too much time value on them but wait and see how they price as earnings day approach and look at getting in as close to earnings as possible.