We were looking for shares of Cisco Systems (CSCO, $20.92, down $0.75) to make a push past $22 and we liked its nearly 3% dividend yield but shares were downgraded today and our stop was hit. The trade was a scratch but we don’t agree with the analyst’s opinion. Shares could still rebound and push $22 but there is a chance they drift back to test $20.
We will keep an eye on Cisco for another possible entry point down the road but for now we are out.
We are also SELLING options on a current trade that is up 10% to lower our cost basis by 45 cents.
Subscribers, check the Weekly Wrap Premium section for the updates and we will be back shortly with our midday report.