Keep on rolling

Well, we're finally getting some downward pressure in the market. I'm going to roll those CSCO puts again near the close today. The stock price has fallen enough that there isn't much premium in rolling forward one week, so the next series I go with will be the August puts. I should be able to get about $0.40 in credit for the swap. This isn't the way I expected this to play out when I entered the trade, but here we are, so I'll take what I'm given.

• Buy to Close: 2 CSCO June 10 2011 16.0 Puts @ $0.90
• Sell to Open: 2 CSCO Aug 20 2011 16.0 Puts @ $1.30