Jon Najarian joined the Fast Money Five to provide a preview.
He sees the options action for Cisco as "moderately bullish" and believes that the street is betting on longer term upside for shares.
Guy Adami cautioned that if CEO John Chambers says something wrong in the outlook, the stock will trade back.
Jeff Macke followed that by saying "There's no way they are going to be optimistic, they are going to come out and say things are slow again".
Jon Najarian thinks Cisco may be cheap at the current levels, but his trade would be as a covered writer, aggressively, to take advantage of the volatility to sell into, anticipating a sideways direction for the stock going forward.
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On Aug 4, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Finerman's Firm Is Short (IYR) (IJR) (MDY) (SPY) (IWM) (COF) (BBT) (XLF), Finerman's Firm And Finerman Own (C) Leaps, Finerman Owns (GS), Finerman's Firm Owns (MO) (MSFT) (PM) (SUN) (TSO) (VLO) (WLP) (UNH) (AET), Macke Owns (MSFT) (WMT) (COST), Macke Is Short (TM), Adami Owns (AGU) (C) (BTU) (GS) (INTC) (MSFT) (NUE), Seymour Owns (AAPL) (CSCO) (INTC) (MER) (MSFT) (TSO) (EEM) (F) (SHLD), Seygem Asset Management Owns (EEV), Joe Terranova Owns (BNI), Jon Najarian Owns (EMC) Calls, Jon Najarian Owns (CSCO) Calls