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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 75.48

+2.0%

Jan 13 3:59 PM EST

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To: RetiredNow who wrote (54677)	8/24/2001 1:56:09 PM
From: larry	Read Replies (1) of 77400

Mind, I think that you did the right thing. Actually I just purchased some CSCO Spet. and Oct. 17.5 puts within the last hour using the gains I got from the last round of CSCO put gains I made. Am considering buying ORCL puts also. Frankly, it's nothing surprising: John Chambers proudly confirmed that CSCO is on track to lose one penny via operation next quarter (counting on 3 cents they are going to get from the usual interest gain game). And this is on a proma forma basis. Strangely, CSCO's forward P/E is immediately stretched by another 25 after the great news. Will the market bulls reward CSCO a gain of 10 bucks if it announces that it will beat the target by a penny, as Chambers did so masterly in the bubble time? Only time will tell. I am betting that this is unsustainable for the market, and the reaction today is no more than another dead cat bounce (assuming the cat has numerous lives, of course). Sept. and Oct. should bring us new lows on both Dow and Naz. The higher it goes, the lower the put premium, and the more you can make when it comes to time of inevitable.

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