Cisco (CSCO) is off 17 cents to $24 and volume is light, but implied volatility is moving and trading is likely to pick up early next week ahead of the company’s August 11, after market, earnings release. The top trade today is a block of 3174 Weekly (8/13) $23 puts, which traded at the 28-cent ask price. More than 8260 have now changed hands. Players are opening new positions in the contract, which expires next week and offers a lot of leverage because it will expire just a couple of days after the earnings release. The next biggest trade is an Oct 19 put – 27 call risk-reversal (looks like bot calls, sold puts) at even, 1000X on AMEX. 35K calls and 24K puts traded total, or only about 78 percent typical volume for Cisco. Yet, implied volatility is up 7 percent to 31 ahead of next week’s earnings news.