Calling a top for Cisco

Cisco Systems has made its move, and one trader thinks it's done for now.

optionMONSTER's tracking programs detected the sale of 40,002 the December 22 calls for the bid price of $0.22. The previous open interest was just 382, so a new position was definitely opened. It was also the largest block to cross our systems so far today.

The transaction could be done naked with an initial bearish bias. Or, they may have been sold against long shares as a covered call. In either event, it represents a bet that the tech giant won't go above $22. He or she accepted $0.22 of premium based on that belief.

CSCO fell 0.63 percent to $19.04 in morning trading. It was down at support and 2012 lows around $15 a month ago and peaked above $21 in early April before gapping down in May. Shares have now filled that gap.

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