Cisco Systems (CSCO) touches a new 52-week low and was recently down 21 cents to $20.11. One strategist seems to be looking for a rebound and initiated an Oct 16 – 24 bullish risk reversal, collecting 2 cents, 5500X on CBOE. They bought calls, sold puts and might be offsetting an existing position. Both contracts have now traded more than 10000X. Implied volatility in CSCO is flat today at 33, compared to a 52-week high and low of about 45 and 20.