Heading Into The Close

The markets have been largely been running in place as investors await earnings from Cisco (CSCO) this evening and the Fed meeting tomorrow.

I had been in the May Cisco calls, pulled out to take a profit from the recent run; I may jump into the June's just for the fun of it (though I am not recommending that you follow my steps, just telling you what I am contemplating). I may also change my mind and do nothing since I've watched Cisco many times post earnings over the last several years trade in a tight range after results, but Goldman told everyone to buy before earnings so it may be different this time. I have been pondering Legg Mason (LM) as well; they report tomorrow morning. Heck, maybe I'll do both. There are just so many choices. I could also opt not to do either and take a look at something like Alltel (AT) which canceled an appearance at a telecom conference on Thursday; there have been rumors of a takeover over up above the $80 area. But then again, playing the takeover speculation game can be dangerous, so I may not do anything with AT. Poor Alcan (AL) - it couldn't be left at the alter before it and Alcoa (AA) even get to the church, but AL sold off as a large AA shareholder said don't buy AL, sell the company (AA). So AL has looked tempting as well.