Cisco Systems (CSCO, news, chart) is seeing double its normal trading volume ahead of an earnings report due out after the closing bell. Sentiment seems relatively upbeat. While shares are trading up 24 cents to $22.23, 103,000 CSCO calls and 86,000 puts have traded so far. It doesn’t appear that investors expect any big surprises. 23 analysts cover Cisco and the range of estimates is for EPS betwen 38 and 40 cents a share. Consensus is 39 cents. Last quarter, Cisco guided revenue estimates to between a range of $10.25 and $10.34 billion. Analysts expect $10.3 billion. So, there might be room for some upside suprise there.

However, if the stock sees some post earnings volatility, it will probably be in reaction to the conference call. Last month, Chief Executive John Chambers said Cisco corporate customers don’t see a recovery until next year. If he signals a brighter outlook, chances are good that Cisco shares will react favorably. However, if the outlook for tech spending for the rest of 2008 remains bleak, it could weigh on CSCO and the entire technology sector in after hours trading today and then when markets open again tomorrow.